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Kilroy Realty Supplemental Financial Report Q4 2025
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KILROY REALTY CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS --------------- LOS ANGELES, February 9, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2025. “Our strong performance in the fourth quarter capped off an exceptional year of execution by the entire Kilroy Team,” said Angela Aman, Chief Executive Officer. “We captured growing tenant demand for high quality, well-amenitized office and life science projects across virtually all of our submarkets, made substantial progress on leasing our in-process redevelopment and development projects, and capitalized on a resurgence of institutional investor interest in West Coast commercial real estate assets in order to refine and enhance our portfolio. As we look ahead to 2026, we are encouraged by the continued momentum we are experiencing across our platform and believe we are well positioned for continued growth and evolution.” Fourth Quarter Highlights Financial Results • Revenues of $272.2 million for the quarter ended December 31, 2025, as compared to $286.4 million for the quarter ended December 31, 2024 • Net income available to common stockholders of $12.4 million, or $0.10 per diluted share, for the quarter ended December 31, 2025 , as compared to $59.5 million, or $0.50 per diluted share, for the quarter ended December 31, 2024 • Funds from operations (“FFO”) of $117.2 million, or $0.97 per diluted share, for the quarter ended December 31, 2025 , as compared to $144.9 million, or $1.20 per diluted share, for the quarter ended December 31, 2024 Leasing and Occupancy • Stabilized Portfolio was 81.6% occupied and 83.8% leased at December 31, 2025, representing 220 basis points of leases signed that have not commenced • During the quarter, signed approximately 827,000 square feet of leases, the Company’s strongest fourth-quarter leasing performance in six years ◦ Leasing activity was comprised of 547,000 square feet of new leasing on previously vacant space, 148,000 square feet of new leasing on currently occupied space, and 132,000 square feet of renewal leasing ▪ At Kilroy Oyster Point Phase 2 (“KOP 2”), signed 316,000 square feet of new leases. See “Kilroy Oyster Point Phase 2” section below for additional details ▪ Leasing activity during the quarter included 60,000 square feet of short-term leasing • GAAP and cash rents on leases signed during the quarter decreased 16.8% and 27.1%, respectively, from prior levels on Second Generation leasing, excluding short-term leasing ◦ Leasing spreads during the quarter were negatively impacted by: ▪ A new lease signed on a space recently vacated due to a tenant bankruptcy ▪ A renewal signed to preserve near-term income on a single-tenant building while the Company evaluates alternative uses ◦ Excluding these two leases, GAAP and cash rents on leases signed during the quarter would have increased 16.2% and decreased 2.6%, respectively Capital Recycling Activity • Dispositions / Held for Sale / Assets Under Contract: ◦ In December, completed the sale of Sunset Media Center, an approximately 326,000-square-foot office property in the Hollywood submarket of Los Angeles, for gross sales proceeds of $61.0 million Where Innovation Works i
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◦ In December, entered into an agreement, subject to a non-refundable deposit, to sell Kilroy Sabre Springs, a three-building campus in the I-15 Corridor submarket of San Diego, and classified the campus as Held for Sale. The campus totals approximately 428,000 square feet and the sale closed in January for gross sales proceeds of $124.5 million ◦ In December, entered into an agreement to sell the remaining portion of the land at Santa Fe Summit for $86.0 million in gross sales proceeds. The transaction represents approximately 17 acres of the 22-acre site and is expected to close upon receipt of entitlements for residential development • Acquisitions: ◦ In December, completed the acquisition of the Nautilus Campus, a four-building, approximately 232,000-square-foot life science campus, in the Torrey Pines submarket of San Diego, for $192.0 million Dividend • The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on January 7, 2026 to stockholders of record on December 31, 2025 (the ex-dividend date) Full Year Highlights Financial Results • Revenues of $1,112.7 million for the year ended December 31, 2025 , as compared to $1,135.6 million for the year ended December 31, 2024 • Net income available to common stockholders of $276.1 million, or $2.32 per diluted share, for the year ended December 31, 2025 , as compared to $211.0 million, or $1.77 per diluted share, for the year ended December 31, 2024 • Funds from operations (“FFO”) of $505.9 million, or $4.20 per diluted share, for the year ended December 31, 2025, as compared to $551.6 million, or $4.59 per diluted share, for the year ended December 31, 2024 Leasing and Occupancy • During the year, signed approximately 2,051,000 square feet of leases, the Company’s highest annual leasing volume since 2019 ◦ Leasing activity was comprised of 1,108,000 square feet of new leasing on previously vacant space, 233,000 square feet of new leasing on currently occupied space, and 710,000 square feet of renewal leasing ▪ Leasing activity during the year included 270,000 square feet of short-term leasing, primarily comprised of 187,000 square feet of short-term renewal leasing • GAAP and cash rents on leases signed during the year decreased 9.3% and 18.4%, respectively, from prior levels on Second Generation leasing, excluding short-term leasing Kilroy Oyster Point Phase 2 • As highlighted above, signed approximately 316,000 square feet of leases during the fourth quarter for a total of 384,000 square feet of leases signed at KOP 2 during the year, exceeding the Company’s previously communicated goal of 100,000 square feet of lease executions. The project is now 3% occupied and 44% leased ◦ Leasing activity at KOP 2 during the fourth quarter was comprised of the following transactions: ▪ The University of California, San Francisco executed a full-building lease spanning approximately 280,000 square feet and is expected to commence occupancy in the fourth quarter of 2027 ▪ A new genomic sequencing foundry signed an approximately 20,000-square-foot lease in a space designed and built as part of the Company’s spec suite initiative. The company commenced occupancy upon lease execution in the fourth quarter of 2025 ▪ Acadia Pharmaceuticals executed an approximately 16,000-square-foot lease and is expected to commence occupancy at KOP 2 in the second quarter of 2026 Where Innovation Works ii
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Development / Redevelopment • During the first quarter of 2025, received a temporary certificate of occupancy and progressed KOP 2 from the under construction phase to the tenant improvement phase • During the third quarter of 2025, added 4690 Executive Drive, an approximately 52,000-square-foot redevelopment project in the University Towne Center submarket of San Diego, to the stabilized portfolio. The property is 47% leased • During the third quarter of 2025, added 4400 Bohannon Drive, an approximately 48,000-square-foot redevelopment project in the Other Peninsula submarket of the San Francisco Bay Area, to the stabilized portfolio. The property is 0% leased Capital Recycling Activity • In addition to the capital recycling activities highlighted above, the following transactions occurred during the year: ◦ Dispositions / Assets Under Contract: ▪ In April, entered into an agreement, subject to a non-refundable deposit, to sell a portion of the land at Santa Fe Summit for $38.0 million in gross sales proceeds. The transaction represents approximately five acres of the 22-acre site and is anticipated to close upon the receipt of entitlements, which is expected to occur in 2026 ▪ In June, completed the sale of 501 Santa Monica Boulevard, an approximately 79,000-square-foot operating property in West Los Angeles for gross sales proceeds of $40.0 million ▪ In July, entered into an agreement, subject to a non-refundable deposit, for the sale of 1633 26th Street for $41.0 million in gross sales proceeds. The transaction is anticipated to close upon the receipt of entitlements, which is expected to occur in 2026 ▪ In September, completed the sale of a four-building, approximately 663,000-square-foot campus in Silicon Valley for gross sales proceeds of $365.0 million ◦ Acquisitions: ▪ In September, completed the acquisition of Maple Plaza, an approximately 306,000-square-foot office property in the Beverly Hills submarket of Los Angeles, for $205.3 million Balance Sheet / Liquidity • In August, completed a public offering of $400.0 million of 5.875% unsecured senior notes due October 2035 • In September, fully redeemed $400.0 million of 4.375% unsecured senior notes due October 2025 • As of December 31, 2025, the Company had approximately $1.3 billion of total liquidity, comprised of approximately $0.2 billion of cash and cash equivalents and approximately $1.1 billion available under the fully undrawn unsecured revolving credit facility Sustainability and Corporate Social Responsibility Highlights • Achieved carbon neutral operations across the portfolio for the sixth consecutive year • Over six megawatts of installed onsite solar capacity generating clean electricity • Listed on U.S. EPA’s National Top 100 list of largest green power users • Earned GRESB 5-Star Designation for Standing Assets • Earned GRESB Regional Sector Leader in the Americas in Technology/Life Science for Development • Achieved the most ENERGY STAR NextGen certifications of any building owner since the launch of the new certification program in 2024 • Achieved over 1.6 million square feet of new ENERGY STAR certifications across the portfolio, bringing total to over 10.9 million square feet of ENERGY STAR certified space • Became a Fitwel Champion+ company • Maintained Green Lease Leader Gold status Recent Developments • In January, added KOP 2 to the stabilized portfolio • In January, completed the sale of Kilroy Sabre Springs Where Innovation Works iii
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Net Income Available to Common Stockholders / FFO Guidance The Company is initiating Nareit-defined FFO per share guidance for 2026 of $3.25 to $3.45 per diluted share. The table below reflects key assumptions for 2026 guidance. Key Assumptions 2026 Assumptions Average full year occupancy 76.0% to 78.0% Average full year occupancy excluding KOP 2 80.0% to 81.5% Same Property Cash Net Operating Income (“NOI”) growth (1) (1.50%) to 0.00% NOI from Development Properties (2) ($23.5) to ($25.0 million) Non-Cash GAAP NOI adjustments (1) (3) $12 to $14 million GAAP lease termination fee income $3.0 to $4.5 million General and administrative and Leasing costs $89 to $91 million Interest income $2 to $3 million Gross interest expense $212 to $214 million Capitalized interest (4) $32 to $34 million Total development spending (5) $150 to $200 million Dispositions +/- $300 million Full Year 2026 Range Low End High End $ and shares/units in thousands, except per share/unit amounts Net income available to common stockholders per share - diluted $ 0.59 $ 0.79 Weighted average common shares outstanding - diluted (6) 120,100 120,100 Net income available to common stockholders $ 70,800 $ 95,040 Adjustments: Net income attributable to noncontrolling common units of the Operating Partnership 300 300 Net income attributable to noncontrolling interests in consolidated property partnerships 17,000 17,000 Depreciation and amortization of real estate assets 342,000 342,000 Gain on sale of depreciable operating property (8,200) (8,200) Funds From Operations attributable to noncontrolling interests in consolidated property partnerships (28,000) (28,000) Funds From Operations (1) $ 393,900 $ 418,140 Weighted average common shares/units outstanding – diluted (7) 121,200 121,200 Nareit Funds From Operations per common share/unit – diluted (1) $ 3.25 $ 3.45 ________________________ (1) For additional information, please refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (2) NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance assumes the continued capitalization of the Company’s Flower Mart project through June 2026. (3) Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease related adjustments and other. (4) Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through June 2026. Where Innovation Works iv
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(5) Total development spending includes recently stabilized, in-process, and future development projects. (6) Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares. (7) Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates. Conference Call and Audio Webcast The Company’s management will discuss fourth quarter results and the current business environment during the Company’s February 10, 2026 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://www.netroadshow.com/events/login/LE9zwo4AF0rVUaxBU0IDSIu6q6M8vLBYYMS. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/267439370. It may be necessary to download audio software to hear the conference call. Where Innovation Works v
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Corporate Data & Financial Highlights Company Background 2 Financial Highlights 3 Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Funds From Operations & Funds Available for Distribution 6 Supplemental Income Statement Detail 7 Net Operating Income 8 Same Property Net Operating Income Analysis (Cash Basis) 9 EBITDA, EBITDAre, and Adjusted EBITDAre 10 Portfolio Data Stabilized Portfolio Occupancy Overview by Region 12-16 Leases Executed 17 Stabilized Portfolio Capital Expenditures 18 Stabilized Portfolio Lease Expirations 19-20 Top 20 Tenants 21 Tenant Industry Diversification 22 2025 Acquisitions 23 2025 Dispositions, Held for Sale, and Assets Under Contract 24 Consolidated Ventures (Noncontrolling Property Partnerships) 25 Development Stabilized Development & Redevelopment Projects 27 In-Process Development & Redevelopment Projects 28 Future Development Pipeline 29 Debt & Capitalization Data Capital Structure 31 Debt Maturities 32 Debt Covenants & Leverage Ratios 33 Non-GAAP Supplemental Measures 35-37 Definitions & Reconciliations 39-45 Table of Contents The Post at Indeed Tower, Austin, TX
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01 Corporate Data & Financial Highlights – Company Background – Financial Highlights – Consolidated Balance Sheets – Consolidated Statements of Operations – Funds From Operations & Funds Available for Distribution – Supplemental Income Statement Detail – Net Operating Income – Same Property Net Operating Income Analysis (Cash Basis) – EBITDA, EBITDAre, and Adjusted EBITDAre Jardine, Los Angeles, CA
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Investor Relations 12200 W. Olympic Blvd., Suite 200 Los Angeles, CA 90064 (310) 481-8400 Web: www.kilroyrealty.com E-mail: investorrelations@kilroyrealty.com Doug S. Bettisworth VP, Corporate Finance Board of Directors Edward F. Brennan, PhD Chair Angela M. Aman Daryl J. Carter Jolie A. Hunt Louisa G. Ritter Gary R. Stevenson Peter B. Stoneberg Executive and Senior Management Team Angela M. Aman Chief Executive Officer Justin W. Smart President Jeffrey R. Kuehling EVP, Chief Financial Officer and Treasurer A. Robert Paratte EVP, Chief Leasing Officer Heidi R. Roth EVP, Chief Administrative Officer Sherrie S. Schwartz EVP, Chief Human Resources Officer Lauren N. Stadler EVP, General Counsel and Secretary Eliott L. Trencher EVP, Chief Investment Officer Chandni Jalan SVP, Chief Accounting Officer Equity Research Coverage Barclays Brendan Lynch (212) 526-9428 BofA Securities Jana Galan (646) 855-5042 BMO Capital Markets Corp. John P. Kim (212) 885-4115 BTIG Thomas Catherwood (212) 738-6140 Citigroup Investment Research Seth Bergey (212) 816-2066 Deutsche Bank Securities, Inc. Peter Abramowitz (212) 250-9504 Evercore ISI Steve Sakwa (212) 446-9462 Goldman Sachs & Co. LLC Caitlin Burrows (212) 902-4736 Green Street Advisors Dylan Burzinski (949) 640-8780 Jefferies LLC Joe Dickstein (212) 778-8771 J.P. Morgan Anthony Paolone (212) 622-6682 Keybanc Capital Markets Upal Rana (917) 368-2316 Mizuho Securities USA LLC Vikram Malhotra (212) 282-3827 RBC Capital Markets Mike Carroll (440) 715-2649 Scotiabank Nicholas Yulico (212) 225-6904 Wells Fargo Blaine Heck (410) 662-2556 Wolfe Research Ally Yaseen (646) 582-9253 Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 2 Company Background Stabilized Office & Life Science Portfolio 16.3 Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate investment trust and member of the S&P MidCap 400 Index. The Company owns, develops, acquires, and manages real estate assets consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. 81.6% occupied leased 83.8% Residential Portfolio 1,001 residential units average occupancy during 4Q25 94.1% 121 buildings million square feet at December 31, 2025
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Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 INCOME ITEMS: Revenues $ 272,187 $ 279,744 $ 289,892 $ 270,844 $ 286,379 $ 1,112,667 $ 1,135,629 Lease Termination Fees (1) 1,541 309 10,754 506 2,469 13,110 7,066 Capitalized Interest and Debt Costs 20,632 22,574 21,333 20,548 21,312 85,087 82,461 Capitalized Internal Overhead Costs (2) 4,120 4,682 3,807 4,634 4,614 17,243 20,644 Other Capitalized Development Costs (3) 6,382 7,353 5,505 4,974 3,604 24,214 12,062 Non-Cash Amortization of Share-Based Compensation Awards 5,145 5,436 4,582 3,927 4,443 19,090 17,714 EARNINGS METRICS: Net Income Available to Common Stockholders $ 12,444 $ 156,220 $ 68,449 $ 39,008 $ 59,460 $ 276,121 $ 210,969 Net Operating Income (1)(4) 176,426 188,775 190,779 180,239 193,645 736,219 764,456 EBITDAre (5) 158,139 171,561 181,500 161,999 181,421 673,199 728,444 Company's Share of EBITDAre (5) 150,555 164,126 167,914 154,719 173,578 637,314 696,855 Company's Share of Adjusted EBITDAre (5) 148,350 161,007 167,402 153,585 168,788 630,344 659,103 Funds From Operations (6) 117,158 130,561 135,891 122,310 144,875 505,920 551,633 Funds Available for Distribution (6) 90,534 100,939 103,889 109,096 109,087 404,458 446,069 PER SHARE INFORMATION (7): Net Income Available to Common Stockholders per common share – diluted $ 0.10 $ 1.31 $ 0.57 $ 0.33 $ 0.50 $ 2.32 $ 1.77 Funds From Operations per common share – diluted (6) 0.97 1.08 1.13 1.02 1.20 4.20 4.59 Dividends declared per common share 0.54 0.54 0.54 0.54 0.54 2.16 2.16 RATIOS (8): Net Operating Income Margin (1) 64.8 % 67.5 % 65.8 % 66.5 % 67.6 % 66.2 % 67.3 % Net Debt to Company's Share of EBITDAre Ratio (5)(8) 7.0x 6.4x 6.6x 6.6x 6.4x N/A N/A Net Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8) 7.1x 6.5x 6.7x 6.9x 6.8x N/A N/A Fixed Charge Coverage Ratio - Net Income 0.3x 3.1x 1.6x 0.9x 1.3x 1.5x 1.1x Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (5) 3.0x 3.2x 3.4x 3.2x 3.3x 3.2x 3.2x Net Income Payout Ratio 377.2 % 39.7 % 81.1 % 147.6 % 99.0 % 85.3 % 110.2 % FFO / FAD Payout Ratio (6) 55.1% / 71.3% 49.4% / 63.9% 47.5% / 62.1% 52.7% / 59.1% 44.4% / 59.0% 51.0% / 63.8% 46.5% / 57.6% STABILIZED PORTFOLIO INFORMATION: Period End Occupancy Percentage 81.6 % 81.0 % 80.8 % 81.4 % 82.8 % 81.6 % 82.8 % Period End Leased Percentage 83.8 % 83.3 % 83.5 % 83.9 % 84.9 % 83.8 % 84.9 % Average Occupancy 80.9 % 80.7 % 80.8 % 81.4 % 83.3 % 80.9 % 83.9 % Lease Composition (Net / Gross) (9) 52% / 48% 50% / 50% 51% / 49% 52% / 48% 52% / 48% N/A N/A ________________________ Note: Refer to pages 39-42 “Definitions Included in Supplemental” for definitions of commonly used terms. Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (1) Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Operating Income as presented has been conformed to the Company’s new definition. (2) Primarily represents compensation costs capitalized to construction and development projects. (3) Represents incidental property operating and carry costs capitalized to development projects. (4) Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income. (5) Refer to pages 10 and 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre, Company’s Share of EBITDAre, and Company’s Share of Adjusted EBITDAre. (6) Refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 45 for a reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution. (7) Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. (8) Ratios are calculated based on current quarter amounts unless otherwise noted. Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre are calculated on a trailing-12 month basis. Refer to page 33 for additional information. (9) Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the end of the period. Excludes leases at the Company’s three residential properties. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 3 Financial Highlights (unaudited, $ in thousands, except per share amounts)
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12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 ASSETS: Land $ 1,641,913 $ 1,661,679 $ 1,627,754 $ 1,750,820 $ 1,750,820 Buildings and improvements 8,505,486 8,658,236 8,427,405 8,617,728 8,598,751 Undeveloped land and construction in progress 2,387,742 2,355,181 2,364,938 2,356,330 2,309,624 Total real estate assets held for investment 12,535,141 12,675,096 12,420,097 12,724,878 12,659,195 Accumulated depreciation and amortization (2,843,811) (2,952,576) (2,877,165) (2,900,113) (2,824,616) Total real estate assets held for investment, net 9,691,330 9,722,520 9,542,932 9,824,765 9,834,579 Real estate and other assets held for sale, net 115,155 — 255,795 — — Cash and cash equivalents 179,316 372,416 193,129 146,711 165,690 Marketable securities 30,807 33,569 31,629 29,187 27,965 Current receivables, net 12,765 13,191 11,718 11,680 11,033 Deferred rent receivables, net 424,794 436,886 436,964 447,433 451,996 Deferred leasing costs and acquisition-related intangible assets, net 278,232 229,175 208,266 220,051 225,937 Right of use ground lease assets, net 128,116 128,396 128,674 128,949 129,222 Prepaid expenses and other assets, net 54,561 56,046 58,725 69,909 51,935 Total Assets $ 10,915,076 $ 10,992,199 $ 10,867,832 $ 10,878,685 $ 10,898,357 LIABILITIES AND EQUITY: Liabilities: Secured debt, net $ 592,685 $ 593,956 $ 595,212 $ 596,806 $ 598,199 Unsecured debt, net 3,996,774 3,995,555 4,002,507 4,001,036 3,999,566 Accounts payable, accrued expenses, and other liabilities 288,963 321,188 273,600 292,354 285,011 Ground lease liabilities 127,628 127,830 128,030 128,227 128,422 Accrued dividends and distributions 65,009 64,996 64,985 64,990 64,850 Deferred revenue and acquisition-related intangible liabilities, net 125,628 127,931 131,606 137,538 142,437 Rents received in advance and tenant security deposits 75,701 74,888 73,561 77,749 71,003 Liabilities related to real estate assets held for sale 4,945 — 4,887 — — Total liabilities 5,277,333 5,306,344 5,274,388 5,298,700 5,289,488 Equity: Stockholders’ Equity Common stock 1,184 1,183 1,183 1,183 1,181 Additional paid-in capital 5,230,747 5,223,369 5,216,320 5,210,415 5,209,653 Retained earnings 188,876 240,810 148,952 144,867 171,212 Total stockholders’ equity 5,420,807 5,465,362 5,366,455 5,356,465 5,382,046 Noncontrolling Interests Common units of the Operating Partnership 51,911 53,154 52,192 52,105 52,472 Consolidated property partnerships 165,025 167,339 174,797 171,415 174,351 Total noncontrolling interests 216,936 220,493 226,989 223,520 226,823 Total equity 5,637,743 5,685,855 5,593,444 5,579,985 5,608,869 Total Liabilities And Equity $ 10,915,076 $ 10,992,199 $ 10,867,832 $ 10,878,685 $ 10,898,357 Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 4 Consolidated Balance Sheets (unaudited, $ in thousands)
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Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Revenues Rental income $ 267,363 $ 274,909 $ 285,071 $ 266,244 $ 281,355 $ 1,093,587 $ 1,118,115 Other property income 4,824 4,835 4,821 4,600 5,024 19,080 17,514 Total revenues 272,187 279,744 289,892 270,844 286,379 1,112,667 1,135,629 Expenses Property expenses 64,673 61,764 58,575 58,714 63,249 243,726 243,441 Real estate taxes 26,556 25,878 26,765 28,365 24,026 107,564 108,951 Ground leases 2,991 3,018 3,019 3,020 2,990 12,048 11,715 General and administrative expenses 19,485 18,247 18,475 16,901 16,977 73,108 71,074 Leasing costs 2,592 2,610 2,277 2,873 2,013 10,352 8,764 Depreciation and amortization 92,623 87,487 87,625 87,119 89,121 354,854 356,182 Total expenses 208,920 199,004 196,736 196,992 198,376 801,652 800,127 Other Income (Expenses) Interest income 2,205 3,119 512 1,134 4,790 6,970 37,752 Interest expense (32,148) (32,152) (30,844) (31,148) (33,245) (126,292) (145,287) Other income (expense) (1) 44 91 190 (157) (493) 168 (992) Gains on sales of depreciable operating properties — 110,484 16,554 — — 127,038 — Impairment of real estate assets (2) (16,259) — — — — (16,259) — Gain on sale of long-lived assets (3) — — — — 5,979 — 5,979 Total other (expenses) income (46,158) 81,542 (13,588) (30,171) (22,969) (8,375) (102,548) Net Income 17,109 162,282 79,568 43,681 65,034 302,640 232,954 Net income attributable to noncontrolling common units of the Operating Partnership (120) (1,524) (663) (375) (593) (2,682) (2,062) Net income attributable to noncontrolling interests in consolidated property partnerships (4,545) (4,538) (10,456) (4,298) (4,981) (23,837) (19,923) Total net income attributable to noncontrolling interests (4,665) (6,062) (11,119) (4,673) (5,574) (26,519) (21,985) Net Income Available To Common Stockholders $ 12,444 $ 156,220 $ 68,449 $ 39,008 $ 59,460 $ 276,121 $ 210,969 Weighted average common shares outstanding – basic 118,338 118,296 118,285 118,195 118,047 118,279 117,649 Weighted average common shares outstanding – diluted 119,153 118,822 118,683 118,664 118,759 118,832 118,157 Net Income Available To Common Stockholders Per Share Net income available to common stockholders per share – basic $ 0.10 $ 1.32 $ 0.58 $ 0.33 $ 0.50 $ 2.33 $ 1.78 Net income available to common stockholders per share – diluted $ 0.10 $ 1.31 $ 0.57 $ 0.33 $ 0.50 $ 2.32 $ 1.77 ________________________ (1) Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to environmental and sustainability initiatives, all of which were previously included in General and administrative expenses. Historical amounts for General and administrative expenses and Other income (expense) have been revised to conform with the current period presentation. (2) During the three months and year ended December 31, 2025, we recognized an impairment charge of approximately $16.3 million to reduce the carrying amount of Sunset Media Center to its current fair value less closing costs. (3) During the three months and year ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 5 Consolidated Statements of Operations (unaudited, $ and shares in thousands, except per share amounts)
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Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 FUNDS FROM OPERATIONS: Net income available to common stockholders $ 12,444 $ 156,220 $ 68,449 $ 39,008 $ 59,460 $ 276,121 $ 210,969 Adjustments: Net income attributable to noncontrolling common units of the Operating Partnership 120 1,524 663 375 593 2,682 2,062 Net income attributable to noncontrolling interests in consolidated property partnerships 4,545 4,538 10,456 4,298 4,981 23,837 19,923 Depreciation and amortization of real estate assets 91,213 86,080 86,243 85,735 87,536 349,271 349,828 Gains on sales of depreciable operating properties — (110,484) (16,554) — — (127,038) — Impairment of real estate assets 16,259 — — — — 16,259 — Funds From Operations attributable to noncontrolling interests in consolidated property partnerships (7,423) (7,317) (13,366) (7,106) (7,695) (35,212) (31,149) Funds From Operations $ 117,158 $ 130,561 $ 135,891 $ 122,310 $ 144,875 $ 505,920 $ 551,633 Weighted average common shares/units outstanding – basic (2) 119,869 119,870 119,848 119,750 119,521 119,835 119,729 Weighted average common shares/units outstanding – diluted (2) 120,684 120,397 120,246 120,220 120,234 120,388 120,236 FFO per common share/unit – basic $ 0.98 $ 1.09 $ 1.13 $ 1.02 $ 1.21 $ 4.22 $ 4.61 FFO per common share/unit – diluted $ 0.97 $ 1.08 $ 1.13 $ 1.02 $ 1.20 $ 4.20 $ 4.59 FUNDS AVAILABLE FOR DISTRIBUTION: Funds From Operations $ 117,158 $ 130,561 $ 135,891 $ 122,310 $ 144,875 $ 505,920 $ 551,633 Adjustments: Recurring tenant improvements, leasing commissions, and capital expenditures (31,724) (36,959) (34,040) (17,378) (33,089) (120,101) (92,583) Amortization of deferred revenue related to tenant-funded tenant improvements (3,547) (3,639) (3,770) (3,688) (4,065) (14,644) (19,138) Straight-line rents, net 2,358 1,303 3,354 4,613 3,667 11,628 9,184 Amortization of net below market rents (624) (764) (845) (846) (846) (3,079) (3,521) Amortization of deferred financing costs and net debt discount/premium 1,162 1,218 1,178 1,219 1,650 4,777 6,893 Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (3) 5,145 5,436 4,582 3,927 4,443 19,090 1,324 Lease related adjustments and other (4) (640) 1,877 (2,626) (1,677) (2,359) (3,066) (7,539) Gain on sale of long-lived assets (5) — — — — (5,979) — (5,979) Adjustments attributable to noncontrolling interests in consolidated property partnerships 1,246 1,906 165 616 790 3,933 5,795 Funds Available for Distribution $ 90,534 $ 100,939 $ 103,889 $ 109,096 $ 109,087 $ 404,458 $ 446,069 ________________________ (1) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Reported per common share/unit amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders. (2) Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. Diluted amounts per share also include non-participating share-based awards and the dilutive impact of contingently issuable shares. (3) During the year ended December 31, 2024, the Company incurred $17.1 million of cash retirement payments to the Company’s former CEO. (4) Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items. (5) During the year ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 6 Funds From Operations & Funds Available for Distribution (1) (unaudited, $ and shares in thousands, except per share amounts)
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Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Revenues Income Statement Category * Base rent Rental income $ 197,081 $ 201,633 $ 201,955 $ 202,640 $ 204,705 $ 803,309 $ 811,146 * Tenant reimbursements Rental income 47,779 51,867 48,035 46,313 47,621 193,994 197,198 * Other revenues (1) Rental income 18,442 16,656 19,967 15,630 18,707 70,695 67,733 Deferred income and lease incentives, net (2) Rental income 257 707 771 834 1,757 2,569 9,932 Amortization of deferred revenue related to tenant-funded tenant improvements Rental income 3,547 3,639 3,770 3,688 4,065 14,644 19,138 Straight-line rents, net Rental income (2,358) (1,303) (3,354) (4,613) (3,667) (11,628) (9,184) Amortization of net below market rents Rental income 624 764 845 846 846 3,079 3,521 * Settlement and restoration fee income Rental income 450 2,663 639 63 6,709 3,815 11,565 Deferred settlement and restoration fee income Rental income — (2,026) 1,689 337 (1,857) — — Cash lease termination fee income Rental income 1,158 867 10,588 — 10 12,613 6,376 Deferred lease termination fee income Rental income 383 (558) 166 506 2,459 497 690 * Other property income (3) Other property income 4,824 4,835 4,821 4,600 5,024 19,080 17,514 Total Revenues $ 272,187 $ 279,744 $ 289,892 $ 270,844 $ 286,379 $ 1,112,667 $ 1,135,629 ________________________ • Represents a component of Cash Net Operating Income. (1) Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. (2) Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. (3) Primarily comprised of transient parking income. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 7 Supplemental Income Statement Detail (unaudited, $ in thousands)
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Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Cash Operating Revenues: Base rent $ 197,081 $ 201,633 $ 201,955 $ 202,640 $ 204,705 $ 803,309 $ 811,146 Tenant reimbursements 47,779 51,867 48,035 46,313 47,621 193,994 197,198 Other revenues (2) 18,442 16,656 19,967 15,630 18,707 70,695 67,733 Settlement and restoration fee income 450 2,663 639 63 6,709 3,815 11,565 Other property income (3) 4,824 4,835 4,821 4,600 5,024 19,080 17,514 Total cash operating revenues 268,576 277,654 275,417 269,246 282,766 1,090,893 1,105,156 Cash Operating Expenses: Property expenses 64,673 61,764 58,575 58,714 63,245 243,726 243,378 Real estate taxes 26,556 25,878 26,765 28,365 24,026 107,564 108,951 Ground leases 2,913 2,940 2,941 2,942 2,902 11,736 11,361 Total cash operating expenses 94,142 90,582 88,281 90,021 90,173 363,026 363,690 Cash Net Operating Income (4) 174,434 187,072 187,136 179,225 192,593 727,867 741,466 Deferred income and lease incentives, net (5) 257 707 771 834 1,757 2,569 9,932 Amortization of deferred revenue related to tenant-funded tenant improvements 3,547 3,639 3,770 3,688 4,065 14,644 19,138 Straight-line rents, net (2,358) (1,303) (3,354) (4,613) (3,667) (11,628) (9,184) Amortization of net below market rents 624 764 845 846 846 3,079 3,521 Deferred settlement and restoration fee income — (2,026) 1,689 337 (1,857) — — Other (6) (78) (78) (78) (78) (92) (312) (417) Net Operating Income (4) 176,426 188,775 190,779 180,239 193,645 736,219 764,456 Lease termination fees (1) 1,541 309 10,754 506 2,469 13,110 7,066 General and administrative expenses (19,485) (18,247) (18,475) (16,901) (16,977) (73,108) (71,074) Leasing costs (2,592) (2,610) (2,277) (2,873) (2,013) (10,352) (8,764) Other income (expense) (7) 44 91 190 (157) (493) 168 (992) Interest income 2,205 3,119 512 1,134 4,790 6,970 37,752 Interest expense (32,148) (32,152) (30,844) (31,148) (33,245) (126,292) (145,287) Depreciation and amortization (92,623) (87,487) (87,625) (87,119) (89,121) (354,854) (356,182) Gains on sales of depreciable operating properties — 110,484 16,554 — — 127,038 — Impairment of real estate assets (16,259) — — — — (16,259) — Gain on sale of long-lived assets — — — — 5,979 — 5,979 Net Income $ 17,109 $ 162,282 $ 79,568 $ 43,681 $ 65,034 $ 302,640 $ 232,954 ________________________ (1) Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Operating Income and Cash Net Operating Income as presented have been conformed to the Company’s new definition. (2) Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. (3) Primarily comprised of transient parking income. (4) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Cash Net Operating Income and Net Operating Income. (5) Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. (6) Includes other non-cash amounts primarily related to property expenses and ground rent expense. (7) Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to environmental and sustainability initiatives, all of which were previously included in General and administrative expenses. Historical amounts for General and administrative expenses and Other income (expense) have been revised to conform with the current period presentation. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 8 Net Operating Income (1) (unaudited, $ in thousands)
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Three Months Ended December 31, Year Ended December 31, (2) 2025 2024 % Contribution 2025 2024 % Contribution Total Same Property Portfolio Number of properties 112 112 Square Feet 15,549,413 15,549,413 Average Occupancy (3) 81.7 % 83.5 % 81.4 % 83.8 % Percent of Stabilized Portfolio 95.4 % 95.4 % Percent of Total Portfolio 93.0 % 93.0 % Cash Operating Revenues: Base rent $ 184,200 $ 187,611 (1.9) % $ 739,717 $ 744,780 (0.7) % Tenant reimbursements 46,275 44,836 0.8 % 184,530 185,882 (0.2) % Other revenues (4) 18,291 18,725 (0.2) % 70,359 67,690 0.4 % Settlement and restoration fee income 450 6,709 (3.5) % 3,815 10,854 (1.0) % Other property income (5) 4,075 4,544 (0.3) % 16,990 16,122 0.1 % Total cash operating revenues 253,291 262,425 (5.1) % 1,015,411 1,025,328 (1.4) % Cash Operating Expenses: Property expenses 59,240 58,552 (0.4) % 224,133 226,067 0.3 % Real estate taxes 24,441 21,357 (1.7) % 97,026 98,603 0.2 % Ground leases 2,914 2,902 0.0 % 11,736 11,361 (0.1) % Total cash operating expenses 86,595 82,811 (2.1) % 332,895 336,031 0.4 % Cash Net Operating Income (6)(7)(8) $ 166,696 $ 179,614 (7.2) % $ 682,516 $ 689,297 (1.0) % ________________________ (1) Same Property Portfolio is defined as all properties owned and included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of December 31, 2025. Same Property Portfolio includes 100% of consolidated property partnerships as well as the Company’s three residential properties. Excludes properties classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (2) For the years ended December 31, 2025 and 2024, Same Property Cash Net Operating Income from our residential portfolio represented 4.1% and 3.6% of total Same Property Cash Net Operating Income, respectively. (3) Calculated as the average of the daily ending occupancy percentages. (4) Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible. (5) Primarily comprised of transient parking income. (6) For Same Property Cash Net Operating Income, restoration and settlement fee income is recognized in the period in which it is received, which may not correspond with the timing of GAAP revenue recognition. Tenant prepayments are recognized in the applicable lease billing period. (7) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Same Property Cash Net Operating Income. (8) Commencing January 1, 2025, the Company began excluding lease termination fees from Same Property Cash Net Operating Income. Same Property Cash Net Operating Income as presented has been conformed to our new definition. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 9 Same Property Net Operating Income Analysis (Cash Basis)(1) (unaudited, $ in thousands)
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Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net Income Available to Common Stockholders $ 12,444 $ 156,220 $ 68,449 $ 39,008 $ 59,460 Interest expense 32,148 32,152 30,844 31,148 33,245 Depreciation and amortization 92,623 87,487 87,625 87,119 89,121 Taxes (2) — 124 17 51 — EBITDA 137,215 275,983 186,935 157,326 181,826 Net income attributable to noncontrolling common units of the Operating Partnership 120 1,524 663 375 593 Net income attributable to noncontrolling interests in consolidated property partnerships 4,545 4,538 10,456 4,298 4,981 Gains on sales of depreciable operating properties — (110,484) (16,554) — — Impairment of real estate assets 16,259 — — — — Gain on sales of long-lived assets — — — — (5,979) EBITDAre 158,139 171,561 181,500 161,999 181,421 EBITDAre attributable to noncontrolling interests in consolidated property partnerships (7,584) (7,435) (13,586) (7,280) (7,843) Company's Share of EBITDAre 150,555 164,126 167,914 154,719 173,578 Interest income (2,205) (3,119) (512) (1,134) (4,790) Company's Share of Adjusted EBITDAre $ 148,350 $ 161,007 $ 167,402 $ 153,585 $ 168,788 ________________________ (1) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (2) Commencing in January 1, 2025, the Company began adjusting for taxes, which are included in Other income (expense) on the Company’s Consolidated Statement of Operations. EBITDA, EBITDAre, and Adjusted EBITDAre for the periods ending December 31, 2024 and September 30, 2024, have not been conformed to our new presentation to maintain consistency with previously reported financial ratios. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 10 EBITDA, EBITDAre, and Adjusted EBITDAre (1) (unaudited, $ in thousands)
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02 Portfolio Data – Stabilized Portfolio Occupancy Overview by Region – Leases Executed – Stabilized Portfolio Capital Expenditures – Stabilized Portfolio Lease Expirations – Top 20 Tenants – Tenant Industry Diversification – 2025 Acquisitions – 2025 Dispositions, Held for Sale, and Assets Under Contract – Consolidated Ventures (Noncontrolling Property Partnerships) Indeed Tower, Austin, TX
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Total Rentable Square Feet Occupied at Leased at YTD NOI % Rentable Square Feet % 12/31/2025 9/30/2025 12/31/2025 9/30/2025 LOS ANGELES El Segundo 2.9 % 6.8 % 1,103,595 69.9 % 68.8 % 70.5 % 70.5 % Hollywood / West Hollywood 7.5 % 6.5 % 1,057,791 85.4 % 84.5 % 94.2 % 84.5 % Long Beach 2.6 % 5.9 % 957,705 88.1 % 83.8 % 91.7 % 88.5 % West Los Angeles 2.2 % 4.0 % 650,722 55.2 % 56.5 % 56.4 % 56.5 % Beverly Hills 0.5 % 1.9 % 306,366 77.5 % 72.3 % 81.6 % 79.3 % Culver City 0.0 % 1.0 % 166,207 43.6 % 36.4 % 43.6 % 38.4 % Total Los Angeles 15.7 % 26.1 % 4,242,386 75.1 % 74.0 % 78.8 % 75.9 % SAN DIEGO Del Mar 12.8 % 11.6 % 1,892,538 89.2 % 87.5 % 89.3 % 89.5 % Little Italy / Point Loma 0.7 % 2.0 % 320,371 59.5 % 52.1 % 63.0 % 62.9 % University Towne Center 1.9 % 1.7 % 283,134 81.6 % 81.6 % 90.3 % 90.3 % Torrey Pines 0.1 % 1.4 % 232,166 75.1 % N/A 75.1 % N/A Total San Diego 15.5 % 16.7 % 2,728,209 83.7 % 82.8 % 85.1 % 86.2 % SAN FRANCISCO BAY AREA San Francisco CBD 26.8 % 20.9 % 3,410,022 82.3 % 81.6 % 83.3 % 83.4 % South San Francisco 9.2 % 4.9 % 806,109 91.9 % 91.9 % 91.9 % 91.9 % Other Peninsula 5.9 % 4.5 % 726,200 86.2 % 86.2 % 86.2 % 86.2 % Silicon Valley 5.0 % 3.8 % 622,640 100.0 % 100.0 % 100.0 % 100.0 % Total San Francisco Bay Area 46.9 % 34.1 % 5,564,971 86.2 % 85.7 % 86.8 % 86.8 % SEATTLE Lake Union / Denny Regrade 10.8 % 12.8 % 2,078,328 76.6 % 75.3 % 81.2 % 80.1 % Bellevue 6.2 % 5.6 % 919,295 87.8 % 92.6 % 87.8 % 93.1 % Total Seattle 17.0 % 18.4 % 2,997,623 80.0 % 80.6 % 83.2 % 84.1 % AUSTIN Austin CBD 4.9 % 4.7 % 758,975 82.2 % 82.2 % 87.9 % 87.9 % Total Austin 4.9 % 4.7 % 758,975 82.2 % 82.2 % 87.9 % 87.9 % Total Stabilized Portfolio 100.0 % 100.0 % 16,292,164 81.6 % 81.0 % 83.8 % 83.3 % Average Occupancy (3) Quarter-to-Date Year-to-Date 80.9% 80.9% ________________________ (1) Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes residential properties and properties classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (2) Occupied and leased percentage calculations presented throughout this report are based on rentable square footage at the end of the period, inclusive of all remeasurements that occurred during the period. (3) Calculated as the average of the daily ending occupancy percentages. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 12 Stabilized Portfolio Occupancy Overview by Region (1) (2) (unaudited)
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Rentable Square Feet Occupied at Leased at Campus Submarket 12/31/2025 9/30/2025 12/31/2025 9/30/2025 LOS ANGELES, CALIFORNIA 2240 E. Imperial Highway Kilroy Airport Center El Segundo 122,870 100.0 % 100.0 % 100.0 % 100.0 % 2250 E. Imperial Highway Kilroy Airport Center El Segundo 298,728 37.7 % 37.7 % 37.7 % 37.7 % 2260 E. Imperial Highway Kilroy Airport Center El Segundo 298,728 100.0 % 100.0 % 100.0 % 100.0 % 909 N. Pacific Coast Highway The Nines El Segundo 244,880 67.4 % 62.7 % 70.3 % 70.3 % 999 N. Pacific Coast Highway The Nines El Segundo 138,389 51.9 % 51.9 % 51.9 % 51.9 % 1500 N. El Centro Avenue Columbia Square Hollywood / West Hollywood 113,447 63.6 % 63.6 % 63.6 % 63.6 % 1525 N. Gower Street Columbia Square Hollywood / West Hollywood 9,610 100.0 % 100.0 % 100.0 % 100.0 % 1575 N. Gower Street Columbia Square Hollywood / West Hollywood 264,430 98.3 % 98.3 % 98.3 % 98.3 % 6115 W. Sunset Boulevard Columbia Square Hollywood / West Hollywood 26,238 73.4 % 71.1 % 73.4 % 71.1 % 6121 W. Sunset Boulevard Columbia Square Hollywood / West Hollywood 93,418 0.0 % 100.0 % 100.0 % 100.0 % 1350 Ivar Avenue On Vine Hollywood / West Hollywood 16,448 100.0 % 100.0 % 100.0 % 100.0 % 1355 Vine Street On Vine Hollywood / West Hollywood 183,129 100.0 % 100.0 % 100.0 % 100.0 % 1375 Vine Street On Vine Hollywood / West Hollywood 159,236 100.0 % 100.0 % 100.0 % 100.0 % 1395 Vine Street On Vine Hollywood / West Hollywood 2,575 100.0 % 100.0 % 100.0 % 100.0 % 8560 W. Sunset Boulevard The Sunset Hollywood / West Hollywood 76,359 98.9 % 98.9 % 98.9 % 98.9 % 8570 W. Sunset Boulevard The Sunset Hollywood / West Hollywood 49,276 99.0 % 99.0 % 99.0 % 99.0 % 8580 W. Sunset Boulevard The Sunset Hollywood / West Hollywood 6,875 0.0 % 0.0 % 0.0 % 0.0 % 8590 W. Sunset Boulevard The Sunset Hollywood / West Hollywood 56,750 99.7 % 99.7 % 99.7 % 99.7 % 3750 Kilroy Airport Way Aero Long Beach 10,718 100.0 % 100.0 % 100.0 % 100.0 % 3760 Kilroy Airport Way Aero Long Beach 166,761 77.5 % 78.7 % 83.4 % 78.7 % 3780 Kilroy Airport Way Aero Long Beach 221,452 97.4 % 98.2 % 97.4 % 98.2 % 3800 Kilroy Airport Way Aero Long Beach 192,476 93.4 % 93.4 % 93.4 % 93.4 % 3840 Kilroy Airport Way Aero Long Beach 138,441 100.0 % 100.0 % 100.0 % 100.0 % 3880 Kilroy Airport Way Aero Long Beach 96,922 91.3 % 51.9 % 91.3 % 90.8 % 3900 Kilroy Airport Way Aero Long Beach 130,935 62.3 % 57.1 % 80.9 % 62.3 % 2100/2110 Colorado Avenue Santa Monica Media Center West Los Angeles 104,853 55.4 % 55.4 % 55.4 % 55.4 % 12233 W. Olympic Boulevard Tribeca West West Los Angeles 156,746 42.0 % 47.3 % 42.0 % 47.3 % 12100 W. Olympic Boulevard Westside Media Center West Los Angeles 155,679 68.7 % 68.7 % 68.7 % 68.7 % 12200 W. Olympic Boulevard Westside Media Center West Los Angeles 154,544 32.0 % 32.0 % 37.0 % 32.0 % 12312 W. Olympic Boulevard Westside Media Center West Los Angeles 78,900 100.0 % 100.0 % 100.0 % 100.0 % 335-345 N. Maple Drive * Maple Plaza Beverly Hills 306,366 77.5 % 72.3 % 81.6 % 79.3 % 3101-3243 S. La Cienega Boulevard Blackwelder Culver City 166,207 43.6 % 36.4 % 43.6 % 38.4 % Total Los Angeles 4,242,386 75.1 % 74.0 % 78.8 % 75.9 % ________________________ * Excluded from the Same Property portfolio. (1) Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 13 Stabilized Portfolio Occupancy Overview by Region, continued (1) (unaudited)
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Rentable Square Feet Occupied at Leased at Campus Submarket (2) 12/31/2025 9/30/2025 12/31/2025 9/30/2025 SAN DIEGO, CALIFORNIA 12225 El Camino Real Carmel Valley Corporate Center Del Mar 58,401 100.0 % 100.0 % 100.0 % 100.0 % 12235 El Camino Real Carmel Valley Corporate Center Del Mar 53,751 100.0 % 100.0 % 100.0 % 100.0 % 12400 High Bluff Drive 12400 High Bluff Drive Del Mar 216,518 100.0 % 100.0 % 100.0 % 100.0 % 12348 High Bluff Drive Del Mar Tech Center Del Mar 39,192 51.5 % 51.5 % 51.5 % 51.5 % 3579 Valley Centre Drive Kilroy Centre Del Mar Del Mar 54,960 100.0 % 100.0 % 100.0 % 100.0 % 3611 Valley Centre Drive Kilroy Centre Del Mar Del Mar 132,425 100.0 % 100.0 % 100.0 % 100.0 % 3661 Valley Centre Drive Kilroy Centre Del Mar Del Mar 124,756 34.2 % 34.2 % 34.2 % 34.2 % 3721 Valley Centre Drive Kilroy Centre Del Mar Del Mar 117,777 94.8 % 94.8 % 94.8 % 94.8 % 3811 Valley Centre Drive Kilroy Centre Del Mar Del Mar 118,912 100.0 % 100.0 % 100.0 % 100.0 % 12770 El Camino Real One Paseo Del Mar 75,035 100.0 % 65.3 % 100.0 % 100.0 % 12780 El Camino Real One Paseo Del Mar 140,591 100.0 % 100.0 % 100.0 % 100.0 % 12790 El Camino Real One Paseo Del Mar 87,944 100.0 % 100.0 % 100.0 % 100.0 % 12830 El Camino Real One Paseo Del Mar 196,444 100.0 % 100.0 % 100.0 % 100.0 % 12860 El Camino Real One Paseo Del Mar 92,042 100.0 % 92.5 % 100.0 % 100.0 % 3745 Paseo Place One Paseo Del Mar 95,871 89.0 % 90.0 % 91.7 % 95.5 % 12707 High Bluff Drive * One Paseo Junction Del Mar 59,245 91.2 % 91.2 % 91.2 % 91.2 % 12777 High Bluff Drive * One Paseo Junction Del Mar 44,486 100.0 % 100.0 % 100.0 % 100.0 % 12340 El Camino Real The Caminos Del Mar 110,950 25.9 % 25.9 % 25.9 % 25.9 % 12390 El Camino Real The Caminos Del Mar 73,238 100.0 % 100.0 % 100.0 % 100.0 % 2100 Kettner Boulevard 2100 Kettner Little Italy / Point Loma 212,915 45.0 % 33.9 % 50.2 % 50.1 % 2305 Historic Decatur Road Kilroy Liberty Station Little Italy / Point Loma 107,456 88.3 % 88.3 % 88.3 % 88.3 % 4690 Executive Drive * 4690 Executive University Towne Center 52,074 0.0 % 0.0 % 47.3 % 47.3 % 9455 Towne Centre Drive 9455 Towne Centre Drive University Towne Center 160,444 100.0 % 100.0 % 100.0 % 100.0 % 9514 Towne Centre Drive 9514 Towne Centre Drive University Towne Center 70,616 100.0 % 100.0 % 100.0 % 100.0 % 3530 John Hopkins Court* Nautilus Torrey Pines 45,589 100.0 % N/A 100.0 % N/A 3535 General Atomics Court* Nautilus Torrey Pines 80,543 28.1 % N/A 28.1 % N/A 3550 John Hopkins Court* Nautilus Torrey Pines 62,739 100.0 % N/A 100.0 % N/A 3565 General Atomics Court* Nautilus Torrey Pines 43,295 100.0 % N/A 100.0 % N/A Total San Diego 2,728,209 83.7 % 82.8 % 85.1 % 86.2 % ________________________ * Excluded from the Same Property portfolio. (1) Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. (2) The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 14 Stabilized Portfolio Occupancy Overview by Region, continued (1) (unaudited)
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Rentable Square Feet Occupied at Leased at Campus Submarket 12/31/2025 9/30/2025 12/31/2025 9/30/2025 SAN FRANCISCO BAY AREA, CALIFORNIA 100 Hooper Street 100 Hooper San Francisco CBD 417,914 97.4 % 97.4 % 97.4 % 97.4 % 100 First Street 100 First Street San Francisco CBD 480,457 95.3 % 94.3 % 95.3 % 94.3 % 201 Third Street 201 Third Street San Francisco CBD 355,960 56.0 % 51.9 % 58.7 % 60.6 % 303 Second Street 303 Second Street San Francisco CBD 784,658 66.1 % 65.5 % 66.6 % 66.6 % 350 Mission Street 350 Mission Street San Francisco CBD 455,340 99.7 % 99.7 % 99.7 % 99.7 % 360 Third Street 360 Third Street San Francisco CBD 436,357 66.6 % 66.6 % 71.3 % 71.3 % 250 Brannan Street The Brannans San Francisco CBD 100,850 100.0 % 100.0 % 100.0 % 100.0 % 301 Brannan Street The Brannans San Francisco CBD 82,834 100.0 % 100.0 % 100.0 % 100.0 % 333 Brannan Street The Brannans San Francisco CBD 185,602 100.0 % 100.0 % 100.0 % 100.0 % 345 Brannan Street The Brannans San Francisco CBD 110,050 99.7 % 99.7 % 99.7 % 99.7 % 350 Oyster Point Boulevard Kilroy Oyster Point - Phase 1 South San Francisco 234,892 100.0 % 100.0 % 100.0 % 100.0 % 352 Oyster Point Boulevard Kilroy Oyster Point - Phase 1 South San Francisco 232,215 100.0 % 100.0 % 100.0 % 100.0 % 354 Oyster Point Boulevard Kilroy Oyster Point - Phase 1 South San Francisco 193,472 100.0 % 100.0 % 100.0 % 100.0 % 345 Oyster Point Boulevard Oyster Point Tech Center South San Francisco 40,410 100.0 % 100.0 % 100.0 % 100.0 % 347 Oyster Point Boulevard Oyster Point Tech Center South San Francisco 39,780 100.0 % 100.0 % 100.0 % 100.0 % 349 Oyster Point Boulevard Oyster Point Tech Center South San Francisco 65,340 0.0 % 0.0 % 0.0 % 0.0 % 900 Jefferson Avenue Crossing 900 Other Peninsula 228,226 100.0 % 100.0 % 100.0 % 100.0 % 900 Middlefield Road Crossing 900 Other Peninsula 119,616 100.0 % 100.0 % 100.0 % 100.0 % 4100 Bohannon Drive Menlo Corporate Center Other Peninsula 47,643 100.0 % 100.0 % 100.0 % 100.0 % 4200 Bohannon Drive Menlo Corporate Center Other Peninsula 43,600 69.4 % 69.4 % 69.4 % 69.4 % 4300 Bohannon Drive Menlo Corporate Center Other Peninsula 63,430 38.8 % 38.8 % 38.8 % 38.8 % 4400 Bohannon Drive * Menlo Corporate Center Other Peninsula 48,414 0.0 % 0.0 % 0.0 % 0.0 % 4500 Bohannon Drive Menlo Corporate Center Other Peninsula 63,429 100.0 % 100.0 % 100.0 % 100.0 % 4600 Bohannon Drive Menlo Corporate Center Other Peninsula 48,413 100.0 % 100.0 % 100.0 % 100.0 % 4700 Bohannon Drive Menlo Corporate Center Other Peninsula 63,429 100.0 % 100.0 % 100.0 % 100.0 % 680 E. Middlefield Road 680 & 690 Middlefield Silicon Valley 171,676 100.0 % 100.0 % 100.0 % 100.0 % 690 E. Middlefield Road 680 & 690 Middlefield Silicon Valley 171,215 100.0 % 100.0 % 100.0 % 100.0 % 1701 Page Mill Road Page Mill / Porter Silicon Valley 128,688 100.0 % 100.0 % 100.0 % 100.0 % 3150 Porter Drive Page Mill / Porter Silicon Valley 36,886 100.0 % 100.0 % 100.0 % 100.0 % 1290-1300 Terra Bella Avenue Terra Bella Silicon Valley 114,175 100.0 % 100.0 % 100.0 % 100.0 % Total San Francisco Bay Area 5,564,971 86.2 % 85.7 % 86.8 % 86.8 % ________________________ * Excluded from the Same Property portfolio. (1) Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 15 Stabilized Portfolio Occupancy Overview by Region, continued (1) (unaudited)
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Rentable Square Feet Occupied at Leased at Campus Submarket 12/31/2025 9/30/2025 12/31/2025 9/30/2025 SEATTLE, WASHINGTON 333 Dexter Avenue North 333 Dexter Lake Union / Denny Regrade 618,766 100.0 % 100.0 % 100.0 % 100.0 % 401 Terry Avenue North 401 Terry Lake Union / Denny Regrade 174,530 100.0 % 100.0 % 100.0 % 100.0 % 701 N. 34th Street Fremont Lake Union Center Lake Union / Denny Regrade 143,136 64.6 % 44.8 % 64.6 % 64.5 % 801 N. 34th Street Fremont Lake Union Center Lake Union / Denny Regrade 173,615 100.0 % 100.0 % 100.0 % 100.0 % 837 N. 34th Street Fremont Lake Union Center Lake Union / Denny Regrade 112,487 71.3 % 71.3 % 100.0 % 100.0 % 2001 8th Avenue West8 Lake Union / Denny Regrade 535,395 26.0 % 26.0 % 36.6 % 32.3 % 320 Westlake Avenue North Westlake Terry Lake Union / Denny Regrade 184,644 96.1 % 96.1 % 100.0 % 100.0 % 321 Terry Avenue North Westlake Terry Lake Union / Denny Regrade 135,755 100.0 % 100.0 % 100.0 % 100.0 % 601 108th Avenue NE Key Center Bellevue 490,738 87.1 % 87.1 % 87.1 % 87.1 % 10900 NE 4th Street Skyline Tower Bellevue 428,557 88.6 % 98.9 % 88.6 % 99.9 % Total Seattle 2,997,623 80.0 % 80.6 % 83.2 % 84.1 % AUSTIN, TEXAS 200 W. 6th Street Indeed Tower Austin CBD 758,975 82.2 % 82.2 % 87.9 % 87.9 % Total Austin 758,975 82.2 % 82.2 % 87.9 % 87.9 % Total Stabilized Portfolio 16,292,164 81.6 % 81.0 % 83.8 % 83.3 % ________________________ (1) Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Average Residential Occupancy Quarter to Date Year to Date RESIDENTIAL PROPERTIES Campus Submarket (1) Total No. of Units 12/31/2025 9/30/2025 12/31/2025 LOS ANGELES, CALIFORNIA 1550 N. El Centro Avenue Columbia Square Living Hollywood 200 94.6% 92.9% 95.2% 6390 De Longpre Avenue Jardine Hollywood 193 93.7% 91.0% 93.0% SAN DIEGO, CALIFORNIA 3200 Paseo Village Way One Paseo Living Del Mar 608 94.0% 94.1% 94.0% Total Residential Properties 1,001 94.1% 93.2% 94.1% ________________________ (1) The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 16 Stabilized Portfolio Occupancy Overview by Region, continued (1) (unaudited)
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Quarter to Date # of Leases Square Feet Weighted Average Lease Term (Mo.) TI/LC Per Sq.Ft. (2) TI/LC Per Sq.Ft. / Year (2) Changes in GAAP Rents (3) Changes in Cash Rents (4)New Renewal New Renewal Total 2nd Gen Leasing (5) 13 11 254,596 118,551 373,147 78 $ 43.06 $ 6.63 (16.8) % (27.1) % 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5) 8 — 394,399 — 394,399 174 $ 416.95 $ 28.76 Total 21 11 648,995 118,551 767,546 Year to Date # of Leases Square Feet Weighted Average Lease Term (Mo.) TI/LC Per Sq.Ft. (2) TI/LC Per Sq.Ft. / Year (2) Changes in GAAP Rents (3) Changes in Cash Rents (4)New Renewal New Renewal Total 2nd Gen Leasing (5) 57 50 645,357 523,296 1,168,653 70 $ 59.76 $ 10.24 (9.3) % (18.4) % 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5) 20 — 611,726 — 611,726 158 $ 372.95 $ 28.33 Total 77 50 1,257,083 523,296 1,780,379 Retention Rate Calculations (5) (6) Quarter to Date Year to Date Retention Rate 30.6 % 34.0 % Retention Rate, including subtenants 41.2 % 39.6 % ________________________ (1) Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months and year ended December 31, 2025, the Company signed 59,670 and 270,431 square feet of short-term leases, respectively. (2) Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs. (3) Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when the property was acquired is excluded from these calculations. (4) Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for NNN) for comparability. Space that was vacant when the property was acquired is excluded from these calculations. (5) Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (6) Excludes square footage of short-term leases. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 17 Leases Executed (1)
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Quarter to Date Year to Date Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Second Generation Capital Expenditures: (1) (2) Capital Improvements $ 10,068 $ 9,529 $ 13,548 $ 6,635 $ 13,935 $ 39,780 $ 40,660 Tenant Improvements & Leasing Commissions 21,656 27,430 20,492 10,743 19,154 80,321 51,923 Total $ 31,724 $ 36,959 $ 34,040 $ 17,378 $ 33,089 $ 120,101 $ 92,583 Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters 16.5 % Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Major Repositioning Capital Expenditures: (1) (3) Capital Improvements $ 60 $ 39 $ 702 $ 93 $ 1,716 $ 894 $ 23,087 Tenant Improvements & Leasing Commissions — — — — — — 89 Total $ 60 $ 39 $ 702 $ 93 $ 1,716 $ 894 $ 23,176 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 First Generation Capital Expenditures: (1) Tenant Improvements & Leasing Commissions $ 5,098 $ 4,268 $ 5,834 $ 3,914 $ 2,259 $ 19,114 $ 17,526 Total $ 5,098 $ 4,268 $ 5,834 $ 3,914 $ 2,259 $ 19,114 $ 17,526 ________________________ (1) Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (2) Includes 100% of consolidated property partnerships. (3) Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 18 Stabilized Portfolio Capital Expenditures ($ in thousands)
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Square Feet 27,459 1,049,4301,011,066 1,244,652 1,420,631 1,718,698 2,437,547 1,253,2841,164,020 683,426 637,974 525,833 290,563 314,115 467,547 99,620 94,917 89,465 196,403 507,866 Q4 Q3 Q2 Q1 MTM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 and beyond — 250,000 500,000 750,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 2,250,000 2,500,000 # of Expiring Leases 69 67 70 60 67 64 19 19 18 17 18 % of Total Leased Sq. Ft. 8.0 % 7.7 % 9.4 % 10.8 % 13.1 % 18.5 % 9.5 % 8.9 % 5.2 % 4.9 % 4.0 % Annualized Base Rent (“ABR”) (3) $49,033 $37,598 $77,264 $74,160 $103,707 $154,798 $83,313 $69,117 $45,643 $36,991 $32,984 % of Total ABR 6.4 % 4.9 % 10.1 % 9.7 % 13.6 % 20.2 % 10.9 % 9.0 % 6.0 % 4.8 % 4.4 % ABR per Sq. Ft. $46.72 $37.19 $62.08 $52.20 $60.34 $63.51 $66.48 $59.38 $66.79 $57.98 $62.73 ________________________ (1) Represents all in-place leases as of December 31, 2025, excluding intercompany leases. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (2) Adjusting for leases that have been backfilled or renewed by a subtenant as of December 31, 2025 but not yet commenced, the 2026 and 2027 expirations would be reduced by 139,266 and 5,875 square feet, respectively. (3) Includes 100% of consolidated property partnerships. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 19 Stabilized Portfolio Lease Expirations (1)(2) ($ in thousands, except for Annualized Base Rent per sq. ft.)
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Year Region # of Expiring Leases Total Square Feet % of Total Leased Sq. Ft. Annualized Base Rent (1) % of Total Annualized Base Rent Annualized Base Rent per Sq. Ft. 2026 Los Angeles 39 429,910 3.3 % $ 18,243 2.4 % $ 42.43 San Diego 5 31,731 0.2 % 957 0.1 % 30.16 San Francisco Bay Area 13 298,295 2.3 % 18,657 2.4 % 62.55 Seattle 12 289,494 2.2 % 11,176 1.5 % 38.61 Austin — — — % — — % — Total 69 1,049,430 8.0 % $ 49,033 6.4 % $ 46.72 2027 Los Angeles 41 797,531 6.0 % $ 28,042 3.7 % $ 35.16 San Diego 10 89,602 0.7 % 4,510 0.6 % 50.33 San Francisco Bay Area 6 33,449 0.3 % 1,596 0.1 % 47.71 Seattle 10 90,484 0.7 % 3,450 0.5 % 38.13 Austin — — — % — — % — Total 67 1,011,066 7.7 % $ 37,598 4.9 % $ 37.19 2028 Los Angeles 38 170,683 1.3 % $ 10,606 1.4 % $ 62.14 San Diego 13 209,839 1.6 % 12,427 1.6 % 59.22 San Francisco Bay Area 12 819,207 6.2 % 52,581 6.9 % 64.19 Seattle 7 44,923 0.3 % 1,650 0.2 % 36.73 Austin — — — % — — % — Total 70 1,244,652 9.4 % $ 77,264 10.1 % $ 62.08 2029 Los Angeles 22 437,161 3.3 % $ 22,604 3.0 % $ 51.71 San Diego 16 248,028 1.9 % 13,866 1.8 % 55.90 San Francisco Bay Area 10 498,148 3.8 % 27,220 3.6 % 54.64 Seattle 11 233,083 1.8 % 10,235 1.3 % 43.91 Austin 1 4,211 — % 235 — % — Total 60 1,420,631 10.8 % $ 74,160 9.7 % $ 52.20 2030 Los Angeles 17 208,743 1.6 % $ 12,434 1.6 % $ 59.57 San Diego 24 200,264 1.5 % 14,498 1.9 % 72.39 San Francisco Bay Area 15 842,567 6.5 % 54,751 7.3 % 64.98 Seattle 10 461,670 3.5 % 21,721 2.8 % 47.05 Austin 1 5,454 — % 303 — % 55.56 Total 67 1,718,698 13.1 % $ 103,707 13.6 % $ 60.34 2031 and Beyond Los Angeles 47 1,059,680 8.1 % $ 60,582 7.9 % $ 57.17 San Diego 42 1,490,897 11.3 % 97,508 12.8 % 65.40 San Francisco Bay Area 26 2,272,694 17.3 % 179,692 23.5 % 79.07 Seattle 24 1,271,680 9.7 % 57,159 7.5 % 44.95 Austin 16 607,133 4.6 % 27,905 3.6 % 45.96 Total 155 6,702,084 51.0 % $ 422,846 55.3 % $ 63.09 ________________________ (1) Includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the annualized monthly contractual rents from existing tenants, including the impact of straight-lined rent escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 20 Stabilized Portfolio Lease Expirations by Region ($ in thousands, except for Annualized Base Rent per sq. ft.)
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# Tenant Name Region Annualized Base Rental Revenue (2) Rentable Square Feet Percentage of Total Annualized Base Rental Revenue Percentage of Total Rentable Square Feet Year(s) of Significant Lease Expiration(s) (3) Weighted Average Remaining Lease Term (Years) 1 Global technology company Seattle / San Diego $ 44,696 849,826 5.9 % 5.2 % 2032 - 2033 / 2037 7.6 2 Cruise LLC San Francisco Bay Area 35,449 374,618 4.6 % 2.3 % 2031 5.9 3 Stripe, Inc. San Francisco Bay Area 33,110 425,687 4.3 % 2.6 % 2034 8.5 4 Adobe Systems, Inc. San Francisco Bay Area / Seattle 27,897 537,799 3.7 % 3.3 % 2027 (4) / 2031 5.4 5 Salesforce, Inc. San Francisco Bay Area / Seattle 24,706 472,988 3.2 % 2.9 % 2029 - 2030 / 2032 4.4 6 Okta, Inc. San Francisco Bay Area 24,206 293,001 3.2 % 1.8 % 2028 2.8 7 DoorDash, Inc. San Francisco Bay Area 23,842 236,759 3.1 % 1.5 % 2032 6.1 8 Netflix, Inc. Los Angeles 21,854 361,388 2.9 % 2.2 % 2032 6.6 9 Cytokinetics, Inc. San Francisco Bay Area 18,167 234,892 2.4 % 1.4 % 2033 7.8 10 Box, Inc. San Francisco Bay Area 16,853 287,680 2.2 % 1.8 % 2028 2.5 11 DIRECTV, LLC Los Angeles 16,085 532,956 2.1 % 3.3 % 2026 - 2027 (5) 1.7 12 Tandem Diabetes Care, Inc. San Diego 15,884 181,949 2.1 % 1.1 % 2035 9.3 13 Synopsys, Inc. San Francisco Bay Area 15,492 342,891 2.0 % 2.1 % 2030 4.7 14 Neurocrine Biosciences, Inc. San Diego 14,397 273,021 1.9 % 1.7 % 2029 / 2031 5.2 15 Viacom International, Inc. Los Angeles 13,718 220,330 1.8 % 1.4 % 2028 3.0 16 Indeed, Inc. Austin CBD 13,430 330,394 1.8 % 2.0 % 2034 9.0 17 Sony Group Corporation San Francisco Bay Area / Los Angeles 13,382 131,642 1.8 % 0.8 % 2030 4.2 18 Amazon.com Seattle 12,921 284,307 1.7 % 1.7 % 2030 4.1 19 Nektar Therapeutics, Inc. San Francisco Bay Area 12,297 135,974 1.6 % 0.8 % 2030 4.1 20 Splunk, Inc. San Francisco Bay Area 10,323 100,850 1.4 % 0.6 % 2031 5.9 Total Top 20 Tenants $ 408,709 6,608,952 53.7 % 40.5 % 5.5 ________________________ (1) Includes subsidiaries of the tenant listed. Excludes tenants at properties classified as held for sale. (2) The information presented is based upon Annualized Base Rent as of December 31, 2025 and includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the annualized monthly contractual rents from existing tenants in occupancy, including the impact of straight-lined rent escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information. (3) Significant lease expirations include those greater than 25,000 rentable square feet. (4) The 2027 lease expiration represents 31,840 rentable square feet that expires on June 30, 2027. (5) The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026, and the 2027 expiration represents the remaining 483,701 rentable square feet that expires on September 30, 2027. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 21 Top 20 Tenants (1) ($ in thousands)
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Annualized Base Rent (2) Square Feet (3) Technology, 51% Media, 6% Professional, Business, and Other Services, 9% Finance, Insurance, and Real Estate, 7% Life Science and Health Care, 19% Other, 8% Technology, 49% Media, 8% Professional, Business, and Other Services, 9% Finance, Insurance, and Real Estate, 7% Life Science and Health Care, 18% Other, 9% ________________________ (1) Based on the North American Industry Classification System, as of December 31, 2025. (2) Includes 100% of consolidated property partnerships. (3) Based on occupied square footage in the Stabilized Portfolio as of December 31, 2025, excluding month-to-month and intercompany leases. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 22 Tenant Industry Diversification (1)
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Submarket Month of Acquisition Number of Buildings Rentable Square Feet Purchase Price (1) 1st Quarter None — — $ — 2nd Quarter None — — — 3rd Quarter 335-345 N. Maple Drive (Maple Plaza) Beverly Hills September 1 306,366 205.3 4th Quarter 3530 & 3550 John Hopkins Court and 3535 & 3565 General Atomics Court (Nautilus) Torrey Pines December 4 232,166 192.0 Total 5 538,532 $ 397.3 ________________________ (1) Excludes acquisition-related costs and purchase price credits. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 23 2025 Acquisitions ($ in millions)
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Operating Property Dispositions Submarket Month of Disposition Number of Buildings Rentable Square Feet Sales Price (1) 1st Quarter None — — $ — 2nd Quarter 501 Santa Monica Boulevard West Los Angeles June 1 78,509 40.0 3rd Quarter Silicon Valley Campus Silicon Valley September 4 663,460 365.0 4th Quarter 6255 W. Sunset Boulevard (Sunset Media Center) Hollywood / West Hollywood December 1 325,772 61.0 Total 6 1,067,741 $ 466.0 ________________________ (1) Represents gross sales price before the impact of commissions, closing costs, and purchase price credits. Operating Properties Held for Sale and Development Pipeline Under Contract Submarket Number of Buildings Rentable Square Feet / Acreage Under Contract Anticipated Sales Price (1) Operating Properties Held for Sale Kilroy Sabre Springs (2) I-15 Corridor 3 427,764 $ 124.5 Total $ 124.5 Development Pipeline - Under Contract (3) (4) 1633 26th Street West Los Angeles N/A 2 acres $ 41.0 Santa Fe Summit - PA1 56 Corridor N/A 5 acres 38.0 Santa Fe Summit - PA2 56 Corridor N/A 17 acres 86.0 Total $ 165.0 Total Anticipated Proceeds $ 289.5 ________________________ (1) Excludes the impact of commissions, closing costs, and purchase price credits. (2) Kilroy Sabre Springs includes the following buildings: 13480, 13500, and 13520 Evening Creek Drive North, San Diego, CA.The sale of this property closed in January 2026. (3) Subject to a signed agreement and non-refundable deposit as of the date of this filing. (4) All development sites are anticipated to close upon receipt of residential entitlements and permits, which is expected to occur beginning in phases in late 2026. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 24 2025 Dispositions, Held for Sale, and Assets Under Contract ($ in millions)
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Property Venture Partner Submarket Rentable Square Feet KRC Ownership % (1) 100 First Street, San Francisco, CA Norges Bank Investment Management San Francisco CBD 480,457 56% 303 Second Street, San Francisco, CA Norges Bank Investment Management San Francisco CBD 784,658 56% 900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1) Local developer Other Peninsula 347,842 93% Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Cash Operating Revenues: Base rent $ 25,767 $ 26,591 $ 105,404 $ 104,093 Tenant reimbursements 3,821 3,845 15,670 14,256 Other revenues (2) 81 247 2,302 (5,171) Settlement and restoration fee income — — 212 459 Other property income (3) 539 677 2,388 2,530 Total cash operating revenues 30,208 31,360 125,976 116,167 Cash Operating Expenses: Property expenses 7,200 7,097 27,259 26,007 Real estate taxes 2,292 2,223 9,035 8,854 Total cash operating expenses 9,492 9,320 36,294 34,861 Cash Net Operating Income (4)(5)(6) 20,716 22,040 89,682 81,306 Deferred income and lease incentives, net 371 371 1,483 3,846 Amortization of tenant-funded improvements 438 457 1,854 2,257 Straight-line rents, net (373) 359 (2,167) (177) Net Operating Income (4)(5) 21,152 23,227 90,852 87,232 Lease termination fees (5) 134 135 11,126 546 Other expense — — (4) (6) General & administrative expenses — (9) (10) (23) Leasing costs (25) (7) (116) (64) Depreciation and amortization (7,977) (7,878) (32,576) (31,456) Net Income $ 13,284 $ 15,468 $ 69,272 $ 56,229 ________________________ (1) Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure. (2) Primarily comprised of contractual parking income and revenues deemed uncollectible. (3) Primarily comprised of transient parking income. (4) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (5) Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. Net Operating Income and Cash Net Operating Income as presented has been conformed to our new definition. Cash Lease Termination Fees for the year ended December 31, 2024 were $2.5 million. (6) Commencing January 1, 2025, the Company began including additional amounts in Cash Net Operating Income primarily related to revenues deemed uncollectible. The three months and year ended December 31, 2024, includes $0.1 million and $2.0 million, respectively, related to these amounts. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 25 Consolidated Ventures (Noncontrolling Property Partnerships) (unaudited, $ in thousands)
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03 Development – Stabilized Development & Redevelopment Projects – In-Process Development & Redevelopment Projects – Future Development Pipeline 2100 Kettner, San Diego, CA
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Location Construction Start Date Stabilization Date (1) Rentable Square Feet Total Estimated Investment Total Project % Occupied % Leased 1st Quarter None — $ — —% —% 2nd Quarter None — — —% —% 3rd Quarter 4400 Bohannon Drive (2) Other Peninsula - San Francisco Bay Area 4Q 2022 3Q 2025 48,414 55 —% —% 4690 Executive Drive (2) University Towne Center - San Diego 1Q 2022 3Q 2025 52,074 30 —% 47% 4th Quarter None — — —% —% Total 100,488 $ 85 —% 24% ________________________ (1) Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. (2) Redevelopment Project. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 27 Stabilized Development & Redevelopment Projects ($ in millions)
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As of 12/31/2025 As of Filing Location Construction Start Date Estimated Stabilization Date (2) Estimated Rentable Square Feet Total Estimated Investment Total Cash Costs Incurred (3) % Occupied % Leased % LeasedTENANT IMPROVEMENT (1) Life Science Kilroy Oyster Point - Phase 2 South San Francisco 2Q 2021 1Q 2026 871,738 $ 1,175 $ 882 3% 44% 44% Total 871,738 $ 1,175 $ 882 3% 44% 44% ________________________ (1) Includes projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service. (2) Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost capitalization may cease and recommence driven by various factors, including tenant improvement construction, other tenant related timing, or changes in project scope. For Redevelopment Projects, redevelopment may occur in phases based on existing lease expiration dates and timing of the tenant improvement construction. (3) Represents costs incurred as of December 31, 2025, excluding accrued liabilities recorded in accordance with GAAP. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 28 In-Process Development & Redevelopment Projects ($ in millions)
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Location Approx. Developable Square Feet / Resi Units (1) Total Cash Costs Incurred as of 12/31/2025 (2) Los Angeles 1633 26th Street (3) West Los Angeles 190,000 $ 16 San Diego Santa Fe Summit (3) 56 Corridor 600,000 - 650,000 117 2045 Pacific Highway Little Italy / Point Loma 275,000 57 Kilroy East Village East Village 1,100 units 68 San Francisco Bay Area Kilroy Oyster Point - Phases 3 and 4 South San Francisco 875,000 - 1,000,000 240 Flower Mart San Francisco CBD 2,300,000 664 Seattle SIX0 Lake Union / Denny Regrade 925,000 and 650 units 197 Austin Stadium Tower Stadium District / Domain 493,000 76 Total $ 1,435 ________________________ (1) Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy, market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design. (2) Represents costs incurred as of December 31, 2025, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP. (3) Subject to a signed agreements and non-refundable deposits as of the date of this filing. Refer to page 24 “2025 Dispositions, Held for Sale, and Assets Under Contract” for additional information. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 29 Future Development Pipeline ($ in millions)
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04 Debt & Capitalization Data – Capital Structure – Debt Maturities – Debt Covenants & Leverage Ratios Aero, Long Beach, CA
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Shares/ Units Aggregate Principal Amount or $ Value Equivalent % of Total Market Capitalization Stated Rate (1) Effective Rate (2) Maturity Date Unsecured Debt Revolving Credit Facility (3) $ — — % 5.07 % 5.07 % 7/31/2028 Term Loan Facility (4) 200,000 2.2 % 5.02 % 5.57 % 10/3/2027 Private Placement Senior Notes Series A due 2026 50,000 0.5 % 4.30 % 4.39 % 7/18/2026 Private Placement Senior Notes Series B due 2026 200,000 2.2 % 4.35 % 4.44 % 10/18/2026 Private Placement Senior Notes Series A due 2027 175,000 1.9 % 3.35 % 3.42 % 2/17/2027 Private Placement Senior Notes Series B due 2029 75,000 0.8 % 3.45 % 3.51 % 2/17/2029 Private Placement Senior Notes due 2031 350,000 3.9 % 4.27 % 4.32 % 1/31/2031 Senior Notes due 2028 (5) 400,000 4.4 % 4.75 % 4.87 % 12/15/2028 Senior Notes due 2029 400,000 4.4 % 4.25 % 4.38 % 8/15/2029 Senior Notes due 2030 500,000 5.5 % 3.05 % 3.17 % 2/15/2030 Senior Notes due 2032 (5) 425,000 4.7 % 2.50 % 2.63 % 11/15/2032 Senior Notes due 2033 (5) 450,000 5.0 % 2.65 % 2.73 % 11/15/2033 Senior Notes due 2035 400,000 4.4 % 5.88 % 6.08 % 10/15/2035 Senior Notes due 2036 400,000 4.4 % 6.25 % 6.41 % 1/15/2036 $ 4,025,000 44.3 % 4.14 % 4.44 % Secured Debt (6) 100 Hooper St., San Francisco Bay Area $ 148,815 1.6 % 3.57 % 3.80 % 12/1/2026 320 Westlake Ave. N. and 321 Terry Ave. N., Seattle 76,627 0.8 % 4.48 % 4.57 % 7/1/2027 One Paseo Mixed-Use Campus, San Diego 375,000 4.1 % 5.90 % 6.13 % 8/10/2034 $ 600,442 6.5 % 5.14 % 5.35 % Total Debt $ 4,625,442 50.8 % 4.27 % 4.56 % Equity and Noncontrolling Interest in the Operating Partnership (7) Common limited partnership units outstanding (8) 1,133,562 $ 42,361 0.5 % Shares of common stock outstanding 118,372,451 4,423,578 48.7 % Total Equity and Noncontrolling Interest in the Operating Partnership $ 4,465,939 49.2 % Total Market Capitalization $ 9,091,381 100.0 % ________________________ (1) The unsecured revolving credit facility and unsecured term loan facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 1.100% and 1.200%, respectively, based on the Company’s credit rating, as of December 31, 2025. All other stated rates represent fixed interest rates. (2) Includes the impact of an unused facility fee, amortization of deferred financing costs, and amortization of premiums/discounts. (3) The maturity of the unsecured revolving credit facility does not assume the exercise of the Company's two six-month extension options. (4) The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election. (5) Green bond. (6) The mortgage notes are secured by the properties listed. (7) Value based on closing share price of $37.37 as of December 31, 2025. (8) Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 31 Capital Structure As of December 31, 2025 ($ in thousands)
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Unsecured BondsUnsecured Private Placement NotesUnsecured Green BondsSecured Debt Unsecured Term Loan 2026 2027 (1) 2028 (2) 2029 2030 2031 2032 2033 2034 2035 2036 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Total Debt (3) $401,317 $449,125 $400,000 $475,000 $500,000 $350,000 $425,000 $450,000 $375,000 $400,000 $400,000 Weighted Average Stated Rate 4.06% 4.28% 4.75% 4.12% 3.05% 4.27% 2.50% 2.65% 5.90% 5.88% 6.25% % of Total 9% 9% 9% 10% 11% 8% 9% 9% 8% 9% 9% ________________________ (1) The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election. (2) As of December 31, 2025, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2028. The unsecured revolving credit facility has two six-month extension options available, at the Company's election. (3) Includes scheduled principal payments for amortizing loans. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 32 Debt Maturities As of December 31, 2025 ($ in thousands)
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KEY DEBT COVENANTS (2) Covenant Actual Performance as of December 31, 2025 Unsecured Credit and Term Loan Facilities and Private Placement Notes: Total debt to total asset value less than 60% 35% Fixed charge coverage ratio greater than 1.5x 3.2x Unsecured debt ratio greater than 1.67x 2.75x Unencumbered asset pool debt service coverage greater than 1.75x 3.56x Unsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036: Total debt to total asset value less than 60% 35% Interest coverage greater than 1.5x 5.5x Secured debt to total asset value less than 40% 5% Unencumbered asset pool value to unsecured debt greater than 150% 301% NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Total principal amount of debt $ 4,625,442 $ 4,627,026 $ 4,628,595 $ 4,630,149 $ 4,631,688 Cash and cash equivalents (179,316) (372,416) (193,129) (146,711) (165,690) Net debt $ 4,446,126 $ 4,254,610 $ 4,435,466 $ 4,483,438 $ 4,465,998 Trailing 12-months Company's share of EBITDAre (3)(4) $ 637,314 $ 660,337 $ 674,686 $ 677,632 $ 696,855 Trailing 12-months Company's share of Adjusted EBITDAre (3)(4) $ 630,344 $ 650,782 $ 658,562 $ 651,936 $ 659,103 Net debt to Company's share of EBITDAre Ratio 7.0x 6.4x 6.6x 6.6x 6.4x Net debt to Company's share of Adjusted EBITDAre Ratio 7.1x 6.5x 6.7x 6.9x 6.8x ________________________ (1) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (2) All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements. (3) Calculated as the sum of the Company's share of EBITDAre and Adjusted EBITDAre for the trailing four quarters. (4) Refer to page 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended September 30, 2024, June 30, 2024, and March 31, 2024. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 33 Debt Covenants & Leverage Ratios (1) ($ in thousands)
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05 Non-GAAP Supplemental Measures West8, Seattle, WA
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This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on February 9, 2026 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results of operations. Net Operating Income: Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics are defined as follows: • Net Operating Income - Consolidated operating revenues comprised of rental income and other property income, excluding lease termination fees, less consolidated property and related expenses (property expenses, real estate taxes, and ground leases). • Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant- funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, and the amortization of net below market rents), as well as the provision for bad debts related to these certain non-cash adjustments. • Same Property Cash Net Operating Income - Cash NOI for all of the properties that were owned and included in the Company’s Stabilized Portfolio for two comparable reporting periods. Commencing January 1, 2025, the Company began excluding lease termination fees from the calculation of rental revenue for the Company’s NOI metrics as it is non-recurring in nature and its exclusion will provide a measure that the Company believes is more indicative of its operating performance. Other real estate investment trusts (“REITs”) may use different methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI metrics may not be comparable to other REITs. The Company uses these NOI metrics to evaluate its operating performance on a portfolio basis since the NOI metrics allow the Company to evaluate the impact that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry. Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and amortization, other income and expenses, impairment of real estate assets, and gains and losses, they provide performance measures that, when compared year over year, reflects the consolidated revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Additionally, because Same Property Cash NOI excludes the change in Cash NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends on a cash basis such as occupancy levels, rental rates and operating costs on properties. The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they do not reflect general and administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 35 Management Statements on Non-GAAP Supplemental Measures
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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. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 36 Management Statements on Non-GAAP Supplemental Measures, continued
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Funds From Operations: The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. The Company also adds back net income attributable to noncontrolling common units of the Operating Partnership because it reports FFO attributable to common stockholders and common unitholders. Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide. FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic costs and could materially impact the Company’s results from operations. Funds Available for Distribution: Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures, amortization of deferred revenue related to tenant-funded tenant improvements, straight-line rents, net, amortization of net above (below) market rents for acquisition properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations, lease related adjustments, gains and losses on sales of non-real estate assets, and amounts attributable to noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs and make distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the Company’s FAD may not be comparable to other REITs. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 37 Management Statements on Non-GAAP Supplemental Measures, continued
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06 Definitions & Reconciliations 201 Third, San Francisco, CA
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Annualized Base Rent: Annualized monthly contractual rents from existing tenants in occupancy, including the impact of the straight-lining of rent escalations and the amortization of free rent periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Additionally, the underlying leases contain various expense structures including full service gross, modified gross and triple net. Amounts represent percentage of total portfolio annualized contractual base rental revenue. Capital Expenditures: Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions. Effective Rate: Represents the Stated Rate, including the impact of the unused facility fee and the amortization of any premiums/discounts and debt issuance costs. Estimated Stabilization Date (Development): Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction activities for office, life science, and retail properties, and the date of substantial completion for residential properties. FAD Payout Ratio: Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by FAD. First Generation ("1st Gen"): Vacant space at acquisition properties and space not yet leased at recently completed development and Redevelopment Properties that have been added to the Stabilized Portfolio. Capital expenditures for first generation space do not include expenditures for in-process development and Redevelopment Projects and space that was vacant when the property was acquired. These costs are not subtracted in the calculation of FAD. Fixed Charge Coverage Ratio - Company’s Share of EBITDAre: Calculated as Company’s Share of EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/ premiums) and current year accrued preferred dividends. Fixed Charge Coverage Ratio - Net Income: Calculated as net income, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year accrued preferred dividends. FFO Payout Ratio: Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by FFO attributable to common stockholders and unitholders. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 39 Definitions Included in Supplemental
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Gross Lease Types: Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. Interest Coverage Ratio: Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts). Major Repositioning: Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re- leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are included in 2nd Gen Capital Expenditures. Net Income Payout Ratio: Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by net income. Net Leases Types: Represents leases where the tenant is obligated to pay a share of certain operating expenses. Net Operating Income Margin: Calculated as Net Operating Income divided by total revenues. Percentage Leased Represents Percentage Occupied, adjusted for leases executed but have not yet achieved revenue recognition. Percentage Occupied Represents economic occupancy for space that has achieved revenue recognition for the associated lease agreements. Redevelopment Properties/Projects: Properties or projects for which the Company expects to spend significant development and construction costs pursuant to a formal plan to change its use. Rentable Square Feet: Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this report are calculated based on rentable square feet at the end of the period(s) presented. Retention Rates (Leases Executed): Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space renewed by existing tenants and lease expirations during the period. Excludes square footage of short-term leases. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 40 Definitions Included in Supplemental, continued
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Retention Rates (Leases Executed Including Subtenants): Retention rate, inclusive of leases with subtenants where the Company does not expect to experience downtime in occupancy between leases. Same Property Portfolio: The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of December 31, 2025 . It includes the residential portfolio, which consists of the 200-unit Columbia Square Living property and the 193-unit Jardine property in Hollywood, California submarket and 608 residential units at the Company’s One Paseo mixed-use property in the Del Mar, California submarket. Excludes undeveloped land, development and Redevelopment Properties currently committed for construction, under construction, or in the tenant improvement phase, and properties classified as held for sale. Same Property Portfolio Rollforward Number of Buildings Square Feet Same Property Portfolio as of December 31, 2024 119 16,209,399 Stabilized Development and Redevelopment Properties Added (1) 2 829,591 Dispositions and Properties Held for Sale (9) (1,495,505) Remeasurements — 5,928 Same Property Portfolio as of December 31, 2025 112 15,549,413 Stabilized Development and Redevelopment Properties Excluded from Same Property 2 100,488 Stabilized Acquisition Properties Excluded from Same Property 7 642,263 Stabilized Portfolio as of December 31, 2025 121 16,292,164 ________________________ (1) 9514 Towne Centre Drive and Indeed Tower were added to the Same Property Portfolio in 2025. Second Generation ("2nd Gen"): Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied. Excludes leases with a lease term of less than one year. Capital expenditures for space that was vacant when the property was acquired and tenant improvement and leasing commission capital expenditures for projects classified as Major Repositioning are captured in 2nd Gen Capital Expenditures. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 41 Definitions Included in Supplemental, continued
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Stabilized Portfolio: The Stabilized Portfolio includes all properties with the exception of the development and Redevelopment Properties currently committed for construction, under construction, or in the tenant improvement phase, undeveloped land, and properties classified as held for sale. Stabilized Portfolio Rollforward (1) Number of Buildings Square Feet Stabilized Portfolio as of December 31, 2024 123 17,142,721 Stabilized Acquisition Properties 5 538,532 Stabilized Development and Redevelopment Properties 2 100,488 Dispositions and Properties Held for Sale (9) (1,495,505) Remeasurements — 5,928 Stabilized Portfolio as of December 31, 2025 121 16,292,164 ________________________ (1) Excludes our three residential properties measured in units. Stated Rate: The rate at which interest expense is recorded per the respective loan documents. Straight-Line Rents, Net: Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances. Tenant Improvement Phase: Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building modifications before being placed in service. Total Debt Represents the gross aggregate principal amount due as of December 31, 2025. Excludes unamortized deferred financing costs for the unsecured revolving credit and term loan facilities, unsecured senior notes, and secured debt, and unamortized discounts for the unsecured senior notes. Total Portfolio: The Total Portfolio includes all properties, with the exception of the development and Redevelopment Properties currently committed for construction, under construction, or in the tenant improvement phase, and undeveloped land. Total Portfolio Number of Buildings Square Feet Stabilized Portfolio 121 16,292,164 Properties Held for Sale 3 427,764 Total Portfolio as of December 31, 2025 124 16,719,928 Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 42 Definitions Included in Supplemental, continued
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Three Months Ended Year Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Net Income Available to Common Stockholders $ 12,444 $ 59,460 $ 276,121 $ 210,969 Net income attributable to noncontrolling common units of the Operating Partnership 120 593 2,682 2,062 Net income attributable to noncontrolling interests in consolidated property partnerships 4,545 4,981 23,837 19,923 Net Income 17,109 65,034 302,640 232,954 Adjustments: Gain on sale of long-lived assets — (5,979) — (5,979) Impairment of real estate assets 16,259 — 16,259 — Gains on sales of depreciable operating properties — — (127,038) — Depreciation and amortization 92,623 89,121 354,854 356,182 Interest expense 32,148 33,245 126,292 145,287 Interest income (2,205) (4,790) (6,970) (37,752) Other (income) expense (44) 493 (168) 992 Leasing costs 2,592 2,013 10,352 8,764 General and administrative expenses 19,485 16,977 73,108 71,074 Lease termination fees (2) (1,541) (2,469) (13,110) (7,066) Net Operating Income (3) 176,426 193,645 736,219 764,456 Other (4) 78 92 312 417 Deferred settlement and restoration income — 1,857 — — Amortization of net below market rents (624) (846) (3,079) (3,521) Straight-line rents, net 2,358 3,667 11,628 9,184 Amortization of deferred revenue related to tenant-funded tenant improvements (3,547) (4,065) (14,644) (19,138) Deferred income and lease incentives, net (5) (257) (1,757) (2,569) (9,932) Cash Net Operating Income (3) 174,434 192,593 727,867 741,466 Non-Same Property Net Cash Operating Income (7,738) (12,979) (45,351) (52,169) Same Property Cash Net Operating Income (3) $ 166,696 $ 179,614 $ 682,516 $ 689,297 ________________________ (1) Based upon the Same Store Portfolio as of December 31, 2025, which was comprised of 112 properties. (2) Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income as presented have been conformed to the Company’s new definition. (3) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. (4) Includes other non-cash amounts primarily related to property expenses and ground rent expense. (5) Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 43 Reconciliation of Net Income Available to Common Stockholders to Same Property Cash Net Operating Income (1) (unaudited, $ in thousands)
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Three Months Ended 9/30/2024 6/30/2024 3/31/2024 Net Income Available to Common Stockholders $ 52,378 $ 49,211 $ 49,920 Interest expense 36,408 36,763 38,871 Depreciation and amortization 91,879 87,151 88,031 EBITDA 180,665 173,125 176,822 Net income attributable to noncontrolling common units of the Operating Partnership 509 458 502 Net income attributable to noncontrolling interests in consolidated property partnerships 4,786 4,878 5,278 EBITDAre 185,960 178,461 182,602 EBITDAre attributable to noncontrolling interests in consolidated property partnerships (7,485) (7,601) (8,660) Company's Share of EBITDAre 178,475 170,860 173,942 Interest income (9,688) (10,084) (13,190) Company's Share of Adjusted EBITDAre $ 168,787 $ 160,776 $ 160,752 ________________________ (1) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 44 Reconciliation of Historical Net Income Available to Common Stockholders to Company’s Share of Adjusted EBITDAre (1) (unaudited, $ in thousands)
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Three Months Ended Year Ended December 31, 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP Net Cash Provided by Operating Activities $ 109,078 $ 176,568 $ 143,746 $ 136,921 $ 108,237 $ 566,313 $ 541,149 Adjustments: Recurring tenant improvements, leasing commissions and capital expenditures (31,724) (36,959) (34,040) (17,378) (33,089) (120,101) (92,583) Depreciation of non-real estate furniture, fixtures and equipment (1,410) (1,407) (1,382) (1,384) (1,585) (5,583) (6,354) Net changes in operating assets and liabilities (1) 22,819 (31,579) 9,245 (2,308) 42,445 (1,823) 29,577 Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD (6,177) (5,411) (13,201) (6,490) (6,905) (31,279) (25,354) Cash adjustments related to investing and financing activities (2,052) (273) (479) (265) (16) (3,069) (366) Funds Available for Distribution (2) $ 90,534 $ 100,939 $ 103,889 $ 109,096 $ 109,087 $ 404,458 $ 446,069 ________________________ (1) Primarily includes changes in the following assets and liabilities: marketable securities, current receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, rents received in advance, and tenant security deposits. (2) Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Where Innovation Works Kilroy Realty Q4 2025 Supplemental Report | 45 Reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution (unaudited, $ in thousands)
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This Supplemental Financial Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, information concerning lease expirations, debt maturities, potential investments, development and redevelopment activity, projected construction costs, dispositions, and other forward-looking financial data. In some instances, forward-looking statements can be identified by the use of forward-looking terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”, and variations of such words and similar expressions that do not relate to historical matters. Forward-looking statements are based on Kilroy Realty Corporation’s current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of Kilroy Realty Corporation’s control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward- looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on us and our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and Redeveloped properties; the ability to successfully complete development and Redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and Redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect Kilroy Realty Corporation’s business and financial performance, see the factors included under the caption “Risk Factors” in Kilroy Realty Corporation’s annual report on Form 10-K for the year ended December 31, 2024, and its other filings with the Securities and Exchange Commission. All forward- looking statements are based on currently available information and speak only as of the dates on which they are made. Kilroy Realty Corporation assumes no obligation to update any forward-looking statement made in this Supplemental Financial Report that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws. Where Innovation Works