kilroyoysterpoint_111224xb.jpg
Kilroy Realty
Supplemental Financial Report
Q1 2025
kilroy_logoxredxrgb.jpg
Exhibit 99.1
i
kilroy_logoxsupplementalre.jpg
Where Innovation Works
KILROY REALTY CORPORATION REPORTS
FIRST QUARTER FINANCIAL RESULTS
---------------
LOS ANGELES, May 5, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter ended
March 31, 2025.
“Despite market volatility over the last several months, we reported a strong start to 2025, with solid leasing activity during the quarter and growing
momentum in our forward pipeline. Our high quality portfolio remains uniquely positioned to capitalize on the West Coast office recovery that is well
underway,” commented Angela Aman, CEO. “In addition, subsequent to quarter end, we made important progress on the monetization of our future land
bank, entering into an agreement to sell a portion of our Santa Fe Summit site in San Diego.”
Financial Results
•Revenues of $270.8 million for the quarter ended March 31, 2025, as compared to $278.6 million for the quarter ended March 31, 2024
•Net income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025, as compared to
$49.9 million, or $0.42 per diluted share, for the quarter ended March 31, 2024
•Funds from operations (“FFO”) of $122.3 million, or $1.02 per diluted share, for the quarter ended March 31, 2025, as compared to $133.7 million, or
$1.11 per diluted share, for the quarter ended March 31, 2024
Leasing and Occupancy
•Stabilized portfolio was 81.4% occupied and 83.9% leased at March 31, 2025
•During the quarter, signed approximately 248,000 square feet of leases
◦Leasing activity was comprised of 98,000 square feet of new leasing on previously vacant space, 59,000 square feet of new leasing on
currently occupied space, and 91,000 square feet of renewal leasing
▪Includes 4,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter decreased 15.8% and 23.0%, respectively, from prior levels on second generation leasing,
excluding short-term leasing
Development
•As previously disclosed, in January, received a temporary certificate of occupancy and progressed Kilroy Oyster Point Phase 2 from the under
construction phase to the tenant improvement phase
Dividend
•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per
share. The dividend was paid on April 9, 2025 to stockholders of record on March 31, 2025 (the ex-dividend date)
Recent Developments
•Subsequent to quarter end, entered into an agreement to sell a portion of the land at Santa Fe Summit for $38.0 million in gross proceeds. This
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
ii
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Net Income Available to Common Stockholders / FFO Guidance and Outlook
The Company is affirming Nareit-defined FFO per share guidance for the full year 2025 of $3.85 to $4.05 per diluted share. In addition to the assumptions
detailed below, 2025 guidance continues to assume a range of outcomes related to the capitalization of interest expense and other carry costs on certain
future development projects and assumes no impact from 2025 capital recycling activities.
Key Assumptions
February 2025 Assumptions
May 2025 Assumptions
Same Property Cash Net Operating Income (“NOI”) growth (1) (2)
(1.5%) to (3.0%)
(1.5%) to (3.0%)
Average full year occupancy
80% to 82%
80% to 82%
GAAP lease termination fee income
+/- $3 million
+/- $3 million
Non-Cash GAAP NOI adjustments (3)
$2 million to $5 million
$2 million to $5 million
General and administrative and Leasing costs
$83 million to $85 million
$83 million to $85 million
Interest income
+/- $6 million
+/- $6 million
Total development spending
$100 million to $200 million
$100 million to $200 million
Full Year 2025 Range
as of February 2025
Full Year 2025 Range
as of May 2025
Low End
High End
Low End
High End
$ and shares/units in thousands, except per share/unit amounts
Net income available to common stockholders per share - diluted
$1.01
$1.22
$1.08
$1.29
Weighted average common shares outstanding - diluted (4)
118,775
118,775
118,765
118,765
Net income available to common stockholders
$120,000
$145,000
$128,000
$153,000
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
1,350
1,450
1,350
1,450
Net income attributable to noncontrolling interests in consolidated property partnerships
21,000
21,500
21,000
21,500
Depreciation and amortization of real estate assets
350,000
350,000
342,500
342,500
Funds From Operations attributable to noncontrolling interests in consolidated property
partnerships
(29,250)
(30,750)
(29,250)
(30,750)
Funds From Operations (2)
$463,100
$487,200
$463,600
$487,700
Weighted average common shares/units outstanding – diluted (5)
120,400
120,400
120,400
120,400
Nareit Funds From Operations per common share/unit – diluted (2)
$3.85
$4.05
$3.85
$4.05
________________________
(1)Commencing January 1, 2025, the Company began excluding lease termination fees from NOI and Cash NOI. Same Property Cash NOI growth guidance for 2025 excludes the impact of lease termination fees.
(2)For additional information, please refer to Management Statements on Non-GAAP Supplemental Measures on pages 35-37.
(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)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(5)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.
iii
kilroy_logoxsupplementalre.jpg
Where Innovation Works
The Company’s guidance estimates for the full year 2025, 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 potential future acquisitions, dispositions (including any associated gains or
losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are
not known at the time the Company provides guidance.  There can be no assurance that the Company’s actual results will not differ materially from these
estimates.
Conference Call and Audio Webcast
The Company’s management will discuss first quarter results and the current business environment during the Company’s May 6, 2025 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?show=d84ce754&confId=80006. Those interested in listening via the Internet can access the
conference call at https://events.q4inc.com/attendee/953639562.  It may be necessary to download audio software to hear the conference call.
atx_indeedtowerxandersonx3.jpg
Table of Contents
Financial Highlights
3
Supplemental Income Statement Detail
7
Net Operating Income
8
Same Property Net Operating Income Analysis (Cash Basis)
9
Portfolio Data
Consolidated Ventures (Noncontrolling Property Partnerships)
25
Debt & Capitalization Data
Debt Maturities
32
Non-GAAP Supplemental Measures
35-37
Definitions & Reconciliations
kilroy_logoxredxrgb.jpg
The Post at Indeed Tower, Austin, TX
la_jardinexgiammarcox23xre.jpg
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)
–EBITDAre
kilroy_logoxredxrgb.jpg
Jardine, Los Angeles, CA
Kilroy Realty Q1 2025 Supplemental Report | 2
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Company
Background
shape-e5d132c3d59b0461.gif
Kilroy Realty Corporation (NYSE: KRC), a publicly traded real estate
investment trust and member of the S&P MidCap 400 Index, is a leading
U.S. landlord and developer, with operations in San Diego, Los Angeles, the
San Francisco Bay Area, Seattle, and Austin. The Company has over seven
decades of experience developing, acquiring and managing office, life
science, and mixed-use real estate assets.
Office & Life Science Space
17.1
123
stabilized buildings
at 3/31/2025
million square feet
at 3/31/2025
fsridynmyoja6mji3zjkzyjg1n.gif
81.4%
83.9%
occupied stabilized
portfolio at 3/31/2025
leased stabilized
portfolio at 3/31/2025
Residential Units
fsridynmyoja6mgiymti1mdlhy.gif
1,001
95.2%
residential units in the
LA & SD regions
average occupancy
at 3/31/2025
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
Scott S. Ingraham
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
Merryl E. Werber
SVP, Chief Accounting Officer and Controller
Equity Research Coverage
Barclays
Brendan Lynch
(212) 526-9428
BofA Securities
Jana Galen
(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.
Omotayo Okusanya
(212) 250-9284
Evercore ISI
Steve Sakwa
(212) 446-9462
Goldman Sachs & Co. LLC
Caitlin Burrows
(212) 902-4736
Green Street Advisors
Dylan Burzinski
(949) 640-8780
Jeffries LLC
Peter Abramowitz
(212) 336-7241
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
Andrew Rosivach
(646) 582-9250
Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts
regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions,
forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its
reference above or distribution imply its endorsement of or concurrence with such information, conclusions or
recommendations.
Kilroy Realty Q1 2025 Supplemental Report | 3
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Financial Highlights
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
 
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
INCOME ITEMS:
Revenues
$270,844
$286,379
$289,938
$280,731
$278,581
Lease Termination Fees (1)
506
2,469
1,461
1,451
1,685
Capitalized Interest and Debt Costs
20,548
21,312
20,827
20,515
19,807
Capitalized Compensation Costs (2)
4,411
4,383
5,231
5,054
5,042
Other Capitalized Development Costs (3)
4,974
3,604
3,967
2,416
2,075
Non-Cash Amortization of Share-Based Compensation Awards
3,927
4,443
4,576
5,314
3,381
EARNINGS METRICS:
Net Income Available to Common Stockholders
$39,008
$59,460
$52,378
$49,211
$49,920
Net Operating Income (1)(4)
180,239
193,645
195,230
187,996
187,585
EBITDAre (5)
161,999
181,421
185,960
178,461
182,602
Company's Share of EBITDAre (5)
154,719
173,578
178,475
170,860
173,942
Company's Share of Adjusted EBITDAre(5)
153,585
168,788
168,787
160,776
160,752
Funds From Operations (6)
122,310
144,875
140,448
132,587
133,723
Funds Available for Distribution (6)
109,096
109,087
96,820
114,834
125,328
PER SHARE INFORMATION (7):
Net Income Available to Common Stockholders per common share – diluted
$0.33
$0.50
$0.44
$0.41
$0.42
Funds From Operations per common share – diluted (6)
1.02
1.20
1.17
1.10
1.11
Dividends declared per common share
0.54
0.54
0.54
0.54
0.54
RATIOS (8):
Net Operating Income Margin (1)
66.5%
67.6%
67.3%
67.0%
67.3%
Net Debt to Company's Share of EBITDAre Ratio (5)(8)
6.6x
6.4x
6.4x
6.4x
6.3x
Net Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8)
6.9x
6.8x
6.9x
6.8x
6.6x
Fixed Charge Coverage Ratio - Net Income
0.9x
0
x
1.3x
1.1x
1.0x
1.0x
Fixed Charge Coverage Ratio - EBITDAre (5)
3.3x
3.5x
3.4x
3.3x
3.3x
Net Income Payout Ratio
147.6%
99.0%
111.6%
117.3%
114.9%
FFO / FAD Payout Ratio (6)
52.7% / 59.1%
44.4% / 59.0%
45.8% / 66.5%
48.3% / 55.7%
47.9% / 51.1%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage
81.4%
82.8%
84.3%
83.7%
84.2%
Period End Leased Percentage
83.9%
84.9%
85.8%
85.4%
85.7%
Average Occupancy
81.4%
83.3%
84.1%
83.8%
84.5%
Lease Composition (Net / Gross) (9)
52% / 48%
52% / 48%
51% / 49%
51% / 49%
51% / 49%
________________________
Note: Definitions for commonly used terms within this report are on pages 39-41 “Definitions Included in Supplemental”. Refer to pages 35-37 for Management Statements on Non-GAAP Supplemental Measures.
(1)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income. Lease termination fees are presented on a GAAP basis and Net Operating Income as presented has been conformed
to our new definition.
(2)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 8 for a reconciliation of Cash Net Operating Income to GAAP Net Income Available to Common Stockholders and page 42 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating
Income.
(5)Refer to pages 10 and 43 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre.
(6)Refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations available to common stockholders and unitholders and Funds Available for Distribution to common stockholders
and unitholders and page 44 for a reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution to common stockholders and unitholders.
(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 ratios are calculated on a trailing-12 month basis. Refer to page 33 for the calculation of this ratio. 
(9)Based upon annualized base rent, including 100% of consolidated property partnerships, as of the period end. Excludes leases at our three residential properties.
Kilroy Realty Q1 2025 Supplemental Report | 4
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Consolidated Balance Sheets
(unaudited, $ in thousands)
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
ASSETS:
Land and improvements
$1,750,820
$1,750,820
$1,750,820
$1,743,170
$1,743,170
Buildings and improvements
8,617,728
8,598,751
8,573,332
8,501,976
8,479,359
Undeveloped land and construction in progress
2,356,330
2,309,624
2,254,628
2,207,180
2,114,242
Total real estate assets held for investment
12,724,878
12,659,195
12,578,780
12,452,326
12,336,771
Accumulated depreciation and amortization
(2,900,113)
(2,824,616)
(2,747,494)
(2,671,141)
(2,594,996)
Total real estate assets held for investment, net
9,824,765
9,834,579
9,831,286
9,781,185
9,741,775
Cash and cash equivalents
146,711
165,690
625,395
835,893
855,007
Marketable securities
29,187
27,965
27,144
32,648
109,513
Current receivables, net
11,680
11,033
11,218
10,229
13,291
Deferred rent receivables, net
447,433
451,996
455,613
458,177
457,494
Deferred leasing costs and acquisition-related intangible assets, net
220,051
225,937
226,991
220,485
226,506
Right of use ground lease assets
128,949
129,222
129,492
129,760
130,026
Prepaid expenses and other assets, net
69,909
51,935
73,495
75,379
65,588
Total Assets
$10,878,685
$10,898,357
$11,380,634
$11,543,756
$11,599,200
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net
$596,806
$598,199
$599,478
$600,741
$601,990
Unsecured debt, net
4,001,036
3,999,566
4,401,678
4,519,796
4,518,297
Accounts payable, accrued expenses and other liabilities
292,354
285,011
354,785
361,759
401,892
Ground lease liabilities
128,227
128,422
128,606
128,787
128,966
Accrued dividends and distributions
64,990
64,850
64,844
65,118
65,111
Deferred revenue and acquisition-related intangible liabilities, net
137,538
142,437
151,670
160,284
166,436
Rents received in advance and tenant security deposits
77,749
71,003
71,033
73,013
73,777
Total liabilities
5,298,700
5,289,488
5,772,094
5,909,498
5,956,469
Equity:
Stockholders’ Equity
Common stock
1,183
1,181
1,181
1,174
1,174
Additional paid-in capital
5,210,415
5,209,653
5,203,195
5,216,699
5,208,753
Retained earnings
144,867
171,212
175,962
187,796
203,080
Total stockholders’ equity
5,356,465
5,382,046
5,380,338
5,405,669
5,413,007
Noncontrolling Interests
Common units of the Operating Partnership
52,105
52,472
52,441
52,985
53,087
Noncontrolling interests in consolidated property partnerships
171,415
174,351
175,761
175,604
176,637
Total noncontrolling interests
223,520
226,823
228,202
228,589
229,724
Total equity
5,579,985
5,608,869
5,608,540
5,634,258
5,642,731
Total Liabilities And Equity
$10,878,685
$10,898,357
$11,380,634
$11,543,756
$11,599,200
Kilroy Realty Q1 2025 Supplemental Report | 5
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Consolidated Statements of Operations
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Revenues
Rental income
$266,244
$281,355
$285,951
$275,919
$274,890
Other property income
4,600
5,024
3,987
4,812
3,691
Total revenues
270,844
286,379
289,938
280,731
278,581
Expenses
Property expenses
58,714
63,249
63,593
59,279
57,320
Real estate taxes
28,365
24,026
26,677
29,009
29,239
Ground leases
3,020
2,990
2,977
2,996
2,752
General and administrative expenses
16,901
16,977
17,981
18,824
17,292
Leasing costs
2,873
2,013
2,353
2,119
2,279
Depreciation and amortization
87,119
89,121
91,879
87,151
88,031
Total expenses
196,992
198,376
205,460
199,378
196,913
Other Income (Expenses)
Interest income
1,134
4,790
9,688
10,084
13,190
Interest expense
(31,148)
(33,245)
(36,408)
(36,763)
(38,871)
Other income (expense) (1)
(157)
(493)
(85)
(127)
(287)
Gain on sale of long-lived assets (2)
—
5,979
—
—
—
Total other expenses
(30,171)
(22,969)
(26,805)
(26,806)
(25,968)
Net Income
43,681
65,034
57,673
54,547
55,700
Net income attributable to noncontrolling common units of the Operating Partnership
(375)
(593)
(509)
(458)
(502)
Net income attributable to noncontrolling interests in consolidated property partnerships
(4,298)
(4,981)
(4,786)
(4,878)
(5,278)
Total income attributable to noncontrolling interests
(4,673)
(5,574)
(5,295)
(5,336)
(5,780)
Net Income Available To Common Stockholders
$39,008
$59,460
$52,378
$49,211
$49,920
Weighted average common shares outstanding – basic
118,195
118,047
117,830
117,375
117,338
Weighted average common shares outstanding – diluted
118,664
118,759
118,244
117,663
117,961
Net Income Available To Common Stockholders Per Share
Net income available to common stockholders per share – basic
$0.33
$0.50
$0.44
$0.41
$0.42
Net income available to common stockholders per share – diluted
$0.33
$0.50
$0.44
$0.41
$0.42
________________________
(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 ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.
Kilroy Realty Q1 2025 Supplemental Report | 6
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Funds From Operations & Funds Available for Distribution
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
FUNDS FROM OPERATIONS (1):
Net income available to common stockholders
$39,008
$59,460
$52,378
$49,211
$49,920
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
375
593
509
458
502
Net income attributable to noncontrolling interests in consolidated property partnerships
4,298
4,981
4,786
4,878
5,278
Depreciation and amortization of real estate assets
85,735
87,536
90,243
85,589
86,460
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships
(7,106)
(7,695)
(7,468)
(7,549)
(8,437)
Funds From Operations (1)
$122,310
$144,875
$140,448
$132,587
$133,723
Weighted average common shares/units outstanding – basic (2)
119,750
119,521
119,702
120,034
119,660
Weighted average common shares/units outstanding – diluted (2)
120,220
120,234
120,115
120,322
120,283
FFO per common share/unit – basic (1)
$1.02
$1.21
$1.17
$1.10
$1.12
FFO per common share/unit – diluted (1)
$1.02
$1.20
$1.17
$1.10
$1.11
FUNDS AVAILABLE FOR DISTRIBUTION (1):
Funds From Operations (1)
$122,310
$144,875
$140,448
$132,587
$133,723
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures
(17,378)
(33,089)
(25,662)
(22,069)
(11,763)
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,688)
(4,065)
(4,213)
(4,358)
(6,502)
Straight-line rents, net
4,613
3,667
2,615
(634)
3,536
Amortization of net below market rents
(846)
(846)
(885)
(886)
(904)
Amortization of deferred financing costs and net debt discount/premium
1,219
1,650
1,926
1,560
1,757
Non-cash amortization of share-based compensation awards and adjustments for executive retirement
obligations (3)
3,927
4,443
(12,389)
5,889
3,381
Lease related adjustments and other (4)
(1,677)
(2,359)
(7,226)
830
1,216
Gain on sale of long-lived assets (5)
—
(5,979)
—
—
—
Adjustments attributable to noncontrolling interests in consolidated property partnerships
616
790
2,206
1,915
884
Funds Available for Distribution (1)
$109,096
$109,087
$96,820
$114,834
$125,328
________________________
(1)Refer to pages 35-37 for Management Statements on Non-GAAP Supplemental 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)The three months ended September 30, 2024 includes $17.1 million of cash retirement payments to our 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 three months ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.
Kilroy Realty Q1 2025 Supplemental Report | 7
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Supplemental Income Statement Detail
(unaudited, $ in thousands)
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Revenues
Income Statement Category
*
Base rent
Rental income
$202,640
$204,705
$204,030
$202,649
$199,762
*
Tenant reimbursements
Rental income
46,313
47,621
51,846
49,427
48,304
*
Other revenues (1)
Rental income
15,630
18,707
17,314
13,819
17,893
Deferred income and lease incentives, net (2)
Rental income
834
1,757
3,958
1,921
2,296
Amortization of deferred revenue related to tenant-
funded tenant improvements
Rental income
3,688
4,065
4,213
4,358
6,502
Straight-line rents, net
Rental income
(4,613)
(3,667)
(2,615)
634
(3,536)
Amortization of net below market rents
Rental income
846
846
885
886
904
*
Settlement and restoration fee income
Rental income
63
6,709
3,002
1,039
815
Deferred settlement and restoration fee income
Rental income
337
(1,857)
1,857
(265)
265
Cash lease termination fee income
Rental income
—
10
50
2,465
3,851
Deferred lease termination fee income
Rental income
506
2,459
1,411
(1,014)
(2,166)
*
Other property income (3)
Other property income
4,600
5,024
3,987
4,812
3,691
Total Revenues
$270,844
$286,379
$289,938
$280,731
$278,581
________________________
•Component of Cash Net Operating Income
(1)Primarily composed 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 composed of transient parking income.
Kilroy Realty Q1 2025 Supplemental Report | 8
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Net Operating Income (1)
(unaudited, $ in thousands)
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Cash Operating Revenues:
Base rent
$202,640
$204,705
$204,030
$202,649
$199,762
Tenant reimbursements
46,313
47,621
51,846
49,427
48,304
Other revenues (2)
15,630
18,707
17,314
13,819
17,893
Settlement and restoration fee income
63
6,709
3,002
1,039
815
Other property income (3)
4,600
5,024
3,987
4,812
3,691
Total cash operating revenues
269,246
282,766
280,179
271,746
270,465
Cash Operating Expenses:
Property expenses
58,714
63,245
63,579
59,264
57,290
Real estate taxes
28,365
24,026
26,677
29,009
29,239
Ground leases
2,942
2,902
2,891
2,908
2,660
Total cash operating expenses
90,021
90,173
93,147
91,181
89,189
Cash Net Operating Income (4)
179,225
192,593
187,032
180,565
181,276
Deferred income and lease incentives, net (5)
834
1,757
3,958
1,921
2,296
Amortization of deferred revenue related to tenant-funded tenant improvements
3,688
4,065
4,213
4,358
6,502
Straight-line rents, net
(4,613)
(3,667)
(2,615)
634
(3,536)
Amortization of net below market rents
846
846
885
886
904
Deferred settlement and restoration fee income
337
(1,857)
1,857
(265)
265
Other (6)
(78)
(92)
(100)
(103)
(122)
Net Operating Income (4)
180,239
193,645
195,230
187,996
187,585
Lease termination fees (1)
506
2,469
1,461
1,451
1,685
General and administrative expenses
(16,901)
(16,977)
(17,981)
(18,824)
(17,292)
Leasing costs
(2,873)
(2,013)
(2,353)
(2,119)
(2,279)
Other income (expense) (7)
(157)
(493)
(85)
(127)
(287)
Interest income
1,134
4,790
9,688
10,084
13,190
Interest expense
(31,148)
(33,245)
(36,408)
(36,763)
(38,871)
Depreciation and amortization
(87,119)
(89,121)
(91,879)
(87,151)
(88,031)
Gain on sale of long-lived assets
—
5,979
—
—
—
Net Income
$43,681
$65,034
$57,673
$54,547
$55,700
________________________
(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 on a GAAP basis and Net Operating
Income and Cash Net Operating Income as presented has been conformed to our new definition.
(2)Primarily composed of residential income, contractual parking income, and revenues deemed uncollectible.
(3)Primarily composed of transient parking income.
(4)Refer to page 35-37 for Management Statements on Non-GAAP Supplemental Measures and page 42 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
(5)Includes non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences.
(6)Includes other non-cash amounts primarily related to property expenses and ground rent expense.
(7)Commencing January 1, 2025, the Company began presenting a new line item,“Other income (expense)”, which includes tax expenses, acquisition and disposition expenses, and income or expenses related to
environmental and sustainability initiatives, all of which were previously included in general and administrative expenses. Historical amounts for general and administrative expenses and other income (expense) have
been revised to conform with the current period presentation.
Kilroy Realty Q1 2025 Supplemental Report | 9
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Same Property Net Operating Income Analysis (Cash Basis)
(unaudited, $ in thousands)
Three Months Ended March 31,
2025
2024
% Contribution
Total Same Property Portfolio (1)
Number of properties
121
121
Square Feet
17,032,086
17,032,086
Average Occupancy (2)
81.3%
84.3%
Percent of Stabilized Portfolio (3)
99.4%
Cash Operating Revenues:
Base rent
$201,092
$199,399
0.9%
Tenant reimbursements
46,139
48,304
(1.2)%
Other revenues (4)
15,710
18,118
(1.3)%
Settlement and restoration fee income
63
815
(0.4)%
Other property income (5)
4,343
3,580
0.4%
Total cash operating revenues
267,347
270,216
(1.6)%
Cash Operating Expenses:
Property expenses
58,082
57,012
(0.6)%
Real estate taxes
27,456
28,752
0.7%
Ground leases
2,943
2,660
(0.1)%
Total cash operating expenses
88,481
88,424
0.0%
Cash Net Operating Income (6)(7)(8)
$178,866
$181,792
(1.6)%
________________________
(1)Same Property is defined as all properties owned and included in our stabilized portfolio as of January 1, 2024 and still owned and included in the stabilized portfolio as of March 31, 2025. Same Property includes 100%
of consolidated property partnerships as well as our three residential properties.
(2)Calculated as the average of the daily ending occupancy percentages.
(3)Based on rentable square feet at the end of the period.
(4)Primarily composed of residential income, contractual parking income, and revenues deemed uncollectible.
(5)Primarily composed of transient parking income.
(6)For same property cash basis, restoration and settlement fee income is recognized in the period in which they are received, which may not correspond to the timing of GAAP revenue recognition. Tenant prepayments
are recognized in the applicable lease billing period.
(7)Refer to pages 35-37 for Management Statements on Non-GAAP Supplemental Measures. Refer to page 42 for a reconciliation of GAAP Net Income Available to Common Stockholders to Same Property Cash Net
Operating Income.
(8)Commencing January 1, 2025, the Company began excluding lease termination fees from Same Property Cash Net Operating Income. Same Property Cash Net Operating Income as presented has been conformed to our
new definition.
Kilroy Realty Q1 2025 Supplemental Report | 10
kilroy_logoxsupplementalre.jpg
Where Innovation Works
EBITDAre (1)
(unaudited, $ in thousands)
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Net Income Available to Common Stockholders
$39,008
$59,460
$52,378
$49,211
$49,920
Interest expense
31,148
33,245
36,408
36,763
38,871
Depreciation and amortization
87,119
89,121
91,879
87,151
88,031
Taxes (2)
51
—
—
—
—
EBITDA
157,326
181,826
180,665
173,125
176,822
Net income attributable to noncontrolling common units of the Operating Partnership
375
593
509
458
502
Net income attributable to noncontrolling interests in consolidated property partnerships
4,298
4,981
4,786
4,878
5,278
Gain on sales of long-lived assets
—
(5,979)
—
—
—
EBITDAre
161,999
181,421
185,960
178,461
182,602
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,280)
(7,843)
(7,485)
(7,601)
(8,660)
Company's share of EBITDAre
154,719
173,578
178,475
170,860
173,942
Interest income
(1,134)
(4,790)
(9,688)
(10,084)
(13,190)
Company's share of Adjusted EBITDAre
$153,585
$168,788
$168,787
$160,776
$160,752
________________________
(1)Refer to pages 35-37 for Management Statements on non-GAAP supplemental 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 income statement.
atx_indeedtowerxandersonx2.jpg
kilroy_logoxredxrgb.jpg
Indeed Tower, Austin, TX
02
Portfolio Data
–Stabilized Portfolio Occupancy Overview by Region
–Information on Leases Executed
–Stabilized Portfolio Capital Expenditures
–Stabilized Portfolio Lease Expirations
–Top 20 Tenants
–Tenant Industry Diversification
–2025 Operating Property Acquisitions
–2025 Operating Property Dispositions
–Consolidated Ventures (Noncontrolling Property Partnerships)
Kilroy Realty Q1 2025 Supplemental Report | 12
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region (1) (2)
(unaudited)
 
Portfolio Breakdown
Total Rentable
Square Feet (3)
Occupied at
Leased at (4)
YTD NOI %
Rentable
Square Feet %
3/31/2025
12/31/2024
3/31/2025
12/31/2024
LOS ANGELES
Hollywood / West Hollywood
8.2%
8.1%
1,383,563
85.1%
84.7%
86.2%
85.5%
El Segundo
2.7%
6.4%
1,103,595
68.5%
72.8%
70.4%
73.6%
Long Beach
2.5%
5.6%
957,706
80.2%
84.6%
87.1%
91.9%
West Los Angeles
1.9%
4.3%
729,231
58.5%
60.0%
58.5%
60.0%
Culver City
0.0%
1.0%
166,207
15.2%
18.6%
36.4%
33.9%
Total Los Angeles
15.3%
25.4%
4,340,302
72.7%
75.0%
75.8%
77.6%
SAN DIEGO
Del Mar
12.2%
11.0%
1,890,895
92.8%
97.3%
93.9%
98.2%
I-15 Corridor
1.4%
2.5%
427,764
84.3%
76.6%
86.6%
84.5%
Little Italy / Point Loma
0.5%
1.9%
319,879
51.5%
49.7%
52.6%
52.0%
University Towne Center
1.9%
1.3%
231,060
100.0%
100.0%
100.0%
100.0%
Total San Diego
16.0%
16.7%
2,869,598
87.5%
89.2%
88.7%
91.2%
SAN FRANCISCO BAY AREA
San Francisco CBD
25.0%
19.8%
3,400,600
79.8%
80.5%
80.4%
81.1%
Silicon Valley
8.4%
7.5%
1,286,100
94.1%
94.1%
94.1%
94.1%
South San Francisco
9.4%
4.7%
806,109
100.0%
100.0%
100.0%
100.0%
Other Peninsula
5.8%
4.0%
677,786
92.3%
94.6%
92.3%
98.0%
Total San Francisco Bay Area
48.6%
36.0%
6,170,595
86.8%
87.4%
87.1%
88.1%
SEATTLE
Lake Union / Denny Regrade
10.1%
12.1%
2,077,052
74.3%
74.3%
79.1%
77.1%
Bellevue
5.6%
5.4%
919,295
88.3%
94.5%
98.6%
99.0%
Total Seattle
15.7%
17.5%
2,996,347
78.6%
80.5%
85.1%
83.8%
AUSTIN
Austin CBD
4.4%
4.4%
758,975
76.4%
74.7%
81.5%
80.6%
Total Austin
4.4%
4.4%
758,975
76.4%
74.7%
81.5%
80.6%
Total Stabilized Portfolio
100.0%
100.0%
17,135,817
81.4%
82.8%
83.9%
84.9%
Average Occupancy (5)
Quarter-to-Date
81.4%
________________________
(1)Excludes residential properties.
(2)Buildings within a campus of properties are analyzed at the campus level.
(3)Occupied and leased percentage calculations presented throughout this report are based on rentable square feet at the end of the period, inclusive of all remeasurements that occurred during the period.
(4)Leases with a lease term of less than one year are included in the leased percentage upon lease commencement. 
(5)Calculated as the average of the daily ending occupancy percentages.
Kilroy Realty Q1 2025 Supplemental Report | 13
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
3/31/2025
12/31/2024
3/31/2025
12/31/2024
LOS ANGELES, CALIFORNIA
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%
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
46.0%
23.8%
71.1%
48.9%
6121 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
93,418
100.0%
100.0%
100.0%
100.0%
6255 W. Sunset Boulevard
Sunset Media Center
Hollywood / West Hollywood
325,772
59.0%
59.0%
60.2%
59.0%
8560 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
76,359
93.6%
93.6%
100.0%
100.0%
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%
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%
46.2%
37.7%
46.2%
2260 E. Imperial Highway
Kilroy Airport Center
El Segundo
298,728
100.0%
100.0%
100.0%
100.0%
909 N. Pacific Coast Highway
909 & 999 N. Pacific Coast
Highway
El Segundo
244,880
63.3%
72.2%
67.3%
72.2%
999 N. Pacific Coast Highway
909 & 999 N. Pacific Coast
Highway
El Segundo
138,389
48.7%
48.7%
56.3%
54.4%
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
80.4%
80.4%
80.4%
80.4%
3780 Kilroy Airport Way
Aero
Long Beach
221,452
98.1%
96.6%
98.1%
98.1%
3800 Kilroy Airport Way
Aero
Long Beach
192,476
93.5%
93.5%
93.5%
93.5%
3840 Kilroy Airport Way
Aero
Long Beach
138,441
77.6%
77.6%
98.3%
98.3%
3880 Kilroy Airport Way
Aero
Long Beach
96,923
51.9%
51.9%
90.8%
90.8%
3900 Kilroy Airport Way
Aero
Long Beach
130,935
51.9%
87.3%
51.9%
87.3%
12100 W. Olympic Boulevard
Westside Media Center
West Los Angeles
155,679
68.7%
74.1%
68.7%
74.1%
12200 W. Olympic Boulevard
Westside Media Center
West Los Angeles
154,544
32.0%
32.0%
32.0%
32.0%
12233 W. Olympic Boulevard
Tribeca West
West Los Angeles
156,746
52.4%
54.0%
52.4%
54.0%
12312 W. Olympic Boulevard
Westside Media Center
West Los Angeles
78,900
100.0%
100.0%
100.0%
100.0%
2100/2110 Colorado Avenue
Santa Monica Media
Center
West Los Angeles
104,853
55.4%
55.4%
55.4%
55.4%
501 Santa Monica Boulevard
501 Santa Monica
Boulevard
West Los Angeles
78,509
65.0%
65.0%
65.0%
65.0%
3101-3243 La Cienega Boulevard
Blackwelder
Culver City
166,207
15.2%
18.6%
36.4%
33.9%
Total Los Angeles
4,340,302
72.7%
75.0%
75.8%
77.6%
 
Kilroy Realty Q1 2025 Supplemental Report | 14
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
3/31/2025
12/31/2024
3/31/2025
12/31/2024
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%
12340 El Camino Real
Del Mar Corporate Centre
Del Mar
109,307
100.0%
100.0%
100.0%
100.0%
12390 El Camino Real
Del Mar Corporate Centre
Del Mar
73,238
100.0%
100.0%
100.0%
100.0%
12770 El Camino Real
One Paseo
Del Mar
75,035
100.0%
100.0%
100.0%
100.0%
12780 El Camino Real
One Paseo
Del Mar
140,591
100.0%
100.0%
100.0%
100.0%
12790 El Camino Real
One Paseo
Del Mar
87,944
100.0%
100.0%
100.0%
100.0%
12830 El Camino Real
One Paseo
Del Mar
196,444
100.0%
100.0%
100.0%
100.0%
12860 El Camino Real
One Paseo
Del Mar
92,042
100.0%
100.0%
100.0%
100.0%
12348 High Bluff Drive
Del Mar Tech Center
Del Mar
39,192
51.5%
51.5%
51.5%
51.5%
12400 High Bluff Drive
Del Mar Corporate Centre
Del Mar
216,518
100.0%
100.0%
100.0%
100.0%
12707 High Bluff Drive *
Junction Del Mar
Del Mar
59,245
86.5%
93.5%
94.6%
100.0%
12777 High Bluff Drive *
Junction Del Mar
Del Mar
44,486
100.0%
100.0%
100.0%
100.0%
3579 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
54,960
94.7%
94.7%
100.0%
94.7%
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%
100.0%
34.2%
100.0%
3721 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
117,777
90.3%
90.3%
94.8%
94.8%
3811 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
118,912
100.0%
100.0%
100.0%
100.0%
3745 Paseo Place
One Paseo
Del Mar
95,871
86.3%
86.3%
94.1%
94.1%
13480 Evening Creek Drive North
Kilroy Sabre Springs
I-15 Corridor
143,402
62.0%
56.7%
68.8%
60.6%
13500 Evening Creek Drive North
Kilroy Sabre Springs
I-15 Corridor
137,661
100.0%
100.0%
100.0%
100.0%
13520 Evening Creek Drive North
Kilroy Sabre Springs
I-15 Corridor
146,701
91.4%
74.2%
91.4%
93.4%
2100 Kettner Boulevard
2100 Kettner
Little Italy / Point Loma
212,423
32.9%
30.2%
34.5%
33.7%
2305 Historic Decatur Road
Kilroy Liberty Station
Little Italy / Point Loma
107,456
88.3%
88.3%
88.3%
88.3%
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%
Total San Diego
2,869,598
87.5%
89.2%
88.7%
91.2%
________________________
*      Excluded from our Same Property portfolio.
Kilroy Realty Q1 2025 Supplemental Report | 15
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
3/31/2025
12/31/2024
3/31/2025
12/31/2024
SAN FRANCISCO BAY AREA, CALIFORNIA
100 Hooper Street
100 Hooper
San Francisco CBD
417,914
95.5%
95.5%
100.0%
100.0%
100 First Street
100 First Street
San Francisco CBD
480,457
93.6%
93.6%
93.6%
93.6%
303 Second Street
303 Second Street
San Francisco CBD
784,658
70.4%
73.5%
70.4%
73.5%
201 Third Street
201 Third Street
San Francisco CBD
346,538
25.5%
25.5%
26.1%
25.5%
360 Third Street
360 Third Street
San Francisco CBD
436,357
66.6%
66.6%
66.6%
66.6%
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 Mission Street
350 Mission Street
San Francisco CBD
455,340
99.7%
99.7%
99.7%
99.7%
1290-1300 Terra Bella Avenue
Terra Bella
Silicon Valley
114,175
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%
505 Mathilda Avenue
Mathilda Campus
Silicon Valley
212,322
100.0%
100.0%
100.0%
100.0%
555 Mathilda Avenue
Mathilda Campus
Silicon Valley
212,322
100.0%
100.0%
100.0%
100.0%
599 Mathilda Avenue
Mathilda Campus
Silicon Valley
76,031
0.0%
0.0%
0.0%
0.0%
605 Maude Avenue
Mathilda Campus
Silicon Valley
162,785
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
100.0%
100.0%
100.0%
100.0%
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%
4100 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
47,643
100.0%
100.0%
100.0%
100.0%
4200 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
43,600
69.4%
69.4%
69.4%
69.4%
4300 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
63,430
38.8%
63.5%
38.8%
100.0%
4500 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
4600 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
48,413
100.0%
100.0%
100.0%
100.0%
4700 Bohannon Drive
Menlo Park Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
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%
Total San Francisco Bay Area
6,170,595
86.8%
87.4%
87.1%
88.1%
Kilroy Realty Q1 2025 Supplemental Report | 16
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
3/31/2025
12/31/2024
3/31/2025
12/31/2024
SEATTLE, WASHINGTON
333 Dexter Avenue North
333 Dexter
Lake Union / Denny Regrade
618,766
100.0%
100.0%
100.0%
100.0%
701 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
141,860
44.8%
44.8%
64.5%
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
85.6%
85.6%
100.0%
100.0%
320 Westlake Avenue North
Westlake Terry
Lake Union / Denny Regrade
184,644
96.1%
96.1%
100.0%
96.1%
321 Terry Avenue North
Westlake Terry
Lake Union / Denny Regrade
135,755
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%
2001 8th Avenue
West8
Lake Union / Denny Regrade
535,395
19.5%
19.5%
28.3%
22.0%
601 108th Avenue NE
Key Center
Bellevue
490,738
97.9%
98.7%
97.9%
98.7%
10900 NE 4th Street
Skyline Tower
Bellevue
428,557
77.4%
89.7%
99.3%
99.3%
Total Seattle
2,996,347
78.6%
80.5%
85.1%
83.8%
AUSTIN, TEXAS
200 W. 6th Street
Indeed Tower
Austin CBD
758,975
76.4%
74.7%
81.5%
80.6%
Total Austin
758,975
76.4%
74.7%
81.5%
80.6%
Total Stabilized Portfolio
17,135,817
81.4%
82.8%
83.9%
84.9%
Average Residential Occupancy
Quarter-to-Date
RESIDENTIAL PROPERTIES
Campus
Submarket
Total No. of Units
3/31/2025
12/31/2024
LOS ANGELES, CALIFORNIA
1550 N. El Centro Avenue
Columbia Square Living
Hollywood
200
97.6%
90.3%
6390 De Longpre Avenue
Jardine
Hollywood
193
94.3%
92.7%
SAN DIEGO, CALIFORNIA
3200 Paseo Village Way
One Paseo Living
Del Mar
608
94.6%
92.7%
Total Residential Properties
1,001
95.2%
92.2%
Kilroy Realty Q1 2025 Supplemental Report | 17
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Information on Leases Executed (1)
Quarter to Date (2)
# of Leases
Square Feet
Weighted
Average Lease
Term (Mo.)
TI/LC
Per Sq.Ft. (3)
TI/LC
Per Sq.Ft. /
Year (3)
Changes in
GAAP Rents (4)
Changes in
Cash Rents (5)
New
Renewal
New
Renewal
Total
2nd Gen Leasing (6)
18
14
114,580
87,801
202,381
66
$51.62
$9.39
(15.8)%
(23.0)%
1st Gen / Major Repositioning /
In-Process Development &
Redevelopment Leasing (6)
3
—
41,808
—
41,808
67
$144.61
$25.90
Total
21
14
156,388
87,801
244,189
Retention Rate Calculations (6)
Quarter to Date
Retention Rate
19.3%
Retention Rate, including subtenants
33.9%
________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three months ended March 31, 2025, we signed 4,363 square feet of leases with a lease term of
less than one year.
(2)During the three months ended March 31, 2025, 4 new leases totaling 9,388 square feet were signed and commenced as of March 31, 2025.
(3)Includes tenant improvement costs and third-party leasing commissions.  Amounts exclude tenant-funded tenant improvements and indirect leasing costs.
(4)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to
provide a more meaningful market comparison.
(5)Calculated as the change between the expiring cash rent and the new cash rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide
a more meaningful market comparison.
(6)Refer to pages 39-41 “Definitions Included in Supplemental.”
Kilroy Realty Q1 2025 Supplemental Report | 18
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Capital Expenditures
($ in thousands)
Quarter to Date
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
2nd Gen Capital Expenditures: (1) (2) (3)
Capital Improvements
$6,635
$13,935
$11,734
$10,029
$4,962
Tenant Improvements & Leasing Commissions
10,743
19,154
13,928
12,040
6,801
Total
$17,378
$33,089
$25,662
$22,069
$11,763
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters
11.6%
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Major Repositioning Capital Expenditures: (1) (3) (4)
Capital Improvements
$93
$1,716
$4,301
$9,940
$7,130
Tenant Improvements & Leasing Commissions
—
—
—
—
89
Total
$93
$1,716
$4,301
$9,940
$7,219
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
1st Gen Capital Expenditures: (1)
Tenant Improvements & Leasing Commissions
$3,914
$2,259
$1,431
$3,773
$10,063
Total
$3,914
$2,259
$1,431
$3,773
$10,063
________________________
(1)Refer to pages 39-41 “Definitions Included in Supplemental.”
(2)Includes 100% of capital expenditures of consolidated property partnerships.
(3)Tenant improvements and leasing commissions for projects classified as major repositioning are captured in 2nd Gen capital expenditures.
(4)This category represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q1 2025 Supplemental Report | 19
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Lease Expiration Summary (1)(2)
($ in thousands, except for annualized base rent per sq. ft.)
chart-bd0483e981114a6fa5b.gif
# of Expiring Leases
53
77
75
62
51
60
51
18
11
19
22
% of Total Leased Sq. Ft.
3.3%
13.9%
7.9%
8.6%
9.0%
12.3%
16.9%
8.2%
7.3%
5.1%
7.5%
Annualized Base Rent (“ABR”) (4)
$22,269
$89,927
$43,722
$72,128
$67,270
$100,064
$148,317
$74,782
$58,533
$47,250
$62,052
% of Total ABR
2.8%
11.4%
5.6%
9.2%
8.6%
12.7%
18.9%
9.5%
7.4%
6.0%
7.9%
ABR per Sq. Ft.
$49.76
$47.33
$40.53
$61.34
$54.61
$59.40
$64.02
$66.23
$58.79
$67.87
$60.21
________________________
(1)For leases that have been renewed early with existing tenants, the expiration date and annualized base rent information presented takes into consideration the renewed lease terms. Represents all in-place leases as of
March 31, 2025, except intercompany leases.
(2)Adjusting for leasing transactions executed as of March 31, 2025 but not yet commenced, the 2025 and 2026 expirations would be reduced by 85,975 and 430,644 square feet, respectively.
(3)Includes an approximately 110,000 square foot lease with DermTech’s successor entity. The Company recently signed an approximately 29,000 square foot lease with this tenant effective in Q2 2025.
(4)Includes 100% of annualized base rent of consolidated property partnerships.
Kilroy Realty Q1 2025 Supplemental Report | 20
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Portfolio Lease Expiration Schedule by Region
($ in thousands, except for annualized base rent per sq. ft.)
Year
Region
# of
Expiring Leases
Total
Square Feet
% of Total
Leased Sq. Ft.
Annualized
Base Rent (1)
% of Total
Annualized
Base Rent
Annualized Base
Rent per Sq. Ft.
2025
Los Angeles
33
148,154
1.1%
$6,095
0.8%
$41.14
San Diego
8
62,094
0.5%
3,805
0.5%
61.28
San Francisco Bay Area
6
97,127
0.7%
6,889
0.8%
70.93
Seattle
6
140,196
1.0%
5,480
0.7%
39.09
Austin
—
—
—%
—
—%
—
Total
53
447,571
3.3%
$22,269
2.8%
$49.76
2026
Los Angeles
32
518,691
3.8%
$21,436
2.7%
$41.33
San Diego
12
165,150
1.2%
9,158
1.2%
55.45
San Francisco Bay Area
19
916,098
6.7%
46,765
5.9%
51.05
Seattle
14
300,068
2.2%
12,568
1.6%
41.88
Austin
—
—
—%
—
—%
—
Total
77
1,900,007
13.9%
$89,927
11.4%
$47.33
2027
Los Angeles
40
735,435
5.4%
$27,002
3.4%
$36.72
San Diego
20
167,423
1.2%
8,026
1.0%
47.94
San Francisco Bay Area
6
95,460
0.7%
5,619
0.8%
58.86
Seattle
9
80,488
0.6%
3,075
0.4%
38.20
Austin
—
—
—%
—
—%
—
Total
75
1,078,806
7.9%
$43,722
5.6%
$40.53
2028
Los Angeles
29
156,002
1.1%
$8,305
1.1%
$53.24
San Diego
13
217,942
1.6%
12,328
1.5%
56.57
San Francisco Bay Area
11
733,777
5.4%
49,352
6.3%
67.26
Seattle
9
68,147
0.5%
2,143
0.3%
31.45
Austin
—
—
—%
—
—%
—
Total
62
1,175,868
8.6%
$72,128
9.2%
$61.34
2029
Los Angeles
15
331,091
2.4%
$19,431
2.5%
$58.69
San Diego
19
258,983
1.9%
13,711
1.7%
52.94
San Francisco Bay Area
7
429,602
3.1%
24,827
3.2%
57.79
Seattle
9
208,044
1.6%
9,066
1.2%
43.58
Austin
1
4,211
—%
235
—%
—
Total
51
1,231,931
9.0%
$67,270
8.6%
$54.61
2030
and
Beyond
Los Angeles
48
1,184,318
8.8%
$67,070
8.7%
$56.63
San Diego
58
1,518,548
10.9%
95,047
12.1%
62.59
San Francisco Bay Area
38
3,048,426
22.3%
232,499
29.4%
76.27
Seattle
25
1,532,624
11.2%
70,579
9.1%
46.05
Austin
12
569,075
4.1%
25,803
3.1%
45.34
Total
181
7,852,991
57.3%
$490,998
62.4%
$62.52
________________________
(1)Includes 100% of annualized base rent of consolidated property partnerships. The Company calculates annualized base rent as the annualized monthly contractual rents from existing tenants that includes the impact of
straight-lining rent escalations and the amortization of free rent periods. Refer to pages 39-41 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q1 2025 Supplemental Report | 21
kilroy_logoxsupplementalre.jpg
Where Innovation Works
 
Top 20 Tenants
($ in thousands)
#
Tenant Name (1)
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
$44,851
849,826
5.7%
5.0%
2032 - 2033 / 2037
8.3
2
Cruise LLC
San Francisco Bay Area
35,449
374,618
4.5%
2.2%
2031
6.7
3
Stripe, Inc.
San Francisco Bay Area
33,110
425,687
4.2%
2.5%
2034
9.3
4
Adobe Systems, Inc.
San Francisco Bay Area /
Seattle
27,897
537,799
3.6%
3.1%
2027 / 2031
6.1
5
LinkedIn Corporation
San Francisco Bay Area
26,142
587,429
3.3%
3.4%
2026
1.4
6
Salesforce, Inc.
San Francisco Bay Area /
Seattle
24,706
472,988
3.1%
2.8%
2029 - 2030 / 2032
5.1
7
Okta, Inc.
San Francisco Bay Area
24,206
293,001
3.1%
1.7%
2028
3.6
8
DoorDash, Inc.
San Francisco Bay Area
23,842
236,759
3.0%
1.4%
2032
6.8
9
Netflix, Inc.
Los Angeles
21,854
361,388
2.8%
2.1%
2032
7.3
10
Cytokinetics, Inc.
San Francisco Bay Area
18,167
234,892
2.3%
1.4%
2033
8.6
11
Box, Inc.
San Francisco Bay Area
16,853
287,680
2.1%
1.7%
2028
3.3
12
Neurocrine Biosciences, Inc. (4)
San Diego
16,365
299,064
2.1%
1.7%
2025 / 2029 / 2031
5.5
13
DIRECTV, LLC
Los Angeles
16,085
532,956
2.1%
3.1%
2026 - 2027
2.4
14
Tandem Diabetes Care, Inc.
San Diego
15,884
181,949
2.0%
1.1%
2035
10.1
15
Synopsys, Inc.
San Francisco Bay Area
15,492
342,891
2.0%
2.0%
2030
5.4
16
Viacom International, Inc.
Los Angeles
13,718
220,330
1.7%
1.3%
2028
3.8
17
Indeed, Inc.
Austin CBD
13,430
330,394
1.7%
1.9%
2034
9.8
18
Sony Interactive Entertainment, LLC
San Francisco Bay Area
13,059
127,760
1.7%
0.7%
2030
5.0
19
Amazon.com
Seattle
12,921
284,307
1.6%
1.7%
2030
4.9
20
Riot Games, Inc.
Los Angeles
12,234
197,676
1.6%
1.2%
2026 / 2031
3.5
Total Top 20 Tenants
$426,265
7,179,394
54.2%
42.0%
5.8
 
 
 
 
________________________
(1)Includes subsidiaries of the tenant listed.
(2)The information presented is based upon annualized base rent as of March 31, 2025 and includes 100% of annualized base rent of consolidated property partnerships. The Company calculates annualized base rent as
the annualized monthly contractual rents from existing tenants that includes the impact of straight-lining rent escalations and the amortization of free rent periods. Refer to pages 39-41 “Definitions Included in
Supplemental” for additional information.
(3)We define significant lease expirations as those with space expiring greater than 25,000 rentable square feet.
(4)The 2025 lease expiration represents 26,043 rentable square feet expiring on June 30, 2025.
Kilroy Realty Q1 2025 Supplemental Report | 22
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Tenant Industry Diversification (1)
Annualized Base Rent (2)
Square Feet (3)
           
chart-b176f65a7dd34f32929.gif
chart-7b7f1157a7d24d70985.gif
________________________
(1)Based on the North American Industry Classification System as of March 31, 2025.
(2)Includes 100% of annualized base rent of consolidated property partnerships.
(3)Based on square footage of all in-place leases as of March 31, 2025, except intercompany leases.
Kilroy Realty Q1 2025 Supplemental Report | 23
kilroy_logoxsupplementalre.jpg
Where Innovation Works
2025 Operating Property Acquisitions
($ in millions)
Submarket
Month of
Acquisition
Number of
Buildings
Rentable
Square Feet
Purchase
Price (1)
1st Quarter
None
—
—
$—
Total
—
—
$—
________________________
(1)Excludes acquisition-related costs.
Kilroy Realty Q1 2025 Supplemental Report | 24
kilroy_logoxsupplementalre.jpg
Where Innovation Works
2025 Operating Property Dispositions
($ in millions)
Submarket
Month of
Disposition
Number of
Buildings
Rentable
Square Feet
Sales
Price (1)
1st Quarter
None
—
—
$—
Total
—
—
$—
________________________
(1)Represents gross sales price before the impact of commissions, closing costs, and purchase price credits.
Kilroy Realty Q1 2025 Supplemental Report | 25
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Consolidated Ventures (Noncontrolling Property Partnerships)
(unaudited, $ in thousands)
Property
Venture Partner
Submarket
Rentable
Square Feet
KRC
Ownership % (1)
100 First Street, San Francisco, CA
Norges Bank Investment Management
San Francisco
480,457
56%
303 Second Street, San Francisco, CA
Norges Bank Investment Management
San Francisco
784,658
56%
900 Jefferson Avenue and 900 Middlefield Road,
Redwood City, CA (1)
Local developer
Redwood City
347,842
93%
Three Months Ended March 31,
2025
2024
Cash Operating Revenues:
Base rent
$27,480
$24,928
Tenant reimbursements
3,513
3,101
Other revenues (2)
(1,083)
(748)
Settlement and restoration fee income
—
459
Other property income (3)
494
639
Total cash operating revenues
30,404
28,379
Cash Operating Expenses:
Property expenses
6,210
5,910
Real estate taxes
2,230
2,195
Total cash operating expenses
8,440
8,105
Cash Net Operating Income (4)(5)(6)
21,964
20,274
Deferred income and lease incentives, net
371
488
Amortization of tenant-funded improvements
462
934
Straight-line rents, net
(891)
372
Net Operating Income (4)(5)
21,906
22,068
Lease termination fees (5)
134
141
Other income (expense)
(4)
(4)
Leasing costs
(19)
(34)
Depreciation and amortization
(8,122)
(8,509)
Net Income
$13,895
$13,662
________________________
(1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)Primarily composed of contractual parking income and revenues deemed uncollectible.
(3)Primarily composed of transient parking income.
(4)Refer to pages 35-37 for Management Statements on non-GAAP supplemental measures.
(5)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. The three months ended March 31, 2024 excludes $0.1 million and
$2.5 million of lease termination fees from Net Operating Income and Cash Net Operating Income, respectively.
(6)Commencing January 1, 2025, the Company began including additional amounts in Cash Net Operating Income primarily related to revenues deemed uncollectible. The three months ended March 31, 2024, includes
$0.1 million related to these amounts.
a250220_sdxkettnerxamenity.jpg
03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopment Projects
–Future Development Pipeline
kilroy_logoxredxrgb.jpg
2100 Kettner, San Diego, CA
Kilroy Realty Q1 2025 Supplemental Report | 27
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Stabilized Development & Redevelopment Projects
($ in millions)
Location
Construction
Start Date
Stabilization
Date (1)
Total Estimated
Investment
Rentable
Square Feet
% Leased
Total Project
% Occupied
1st Quarter
None
$—
—
—%
—%
TOTAL:
$—
—
—%
—%
________________________
(1)Represents the earlier of 95% occupancy date or one year from substantial completion of base building components.
Kilroy Realty Q1 2025 Supplemental Report | 28
kilroy_logoxsupplementalre.jpg
Where Innovation Works
In-Process Development & Redevelopment Projects
($ in millions)
Location
Construction
Start Date
Estimated
Stabilization Date (2)
Estimated
Rentable
Square Feet
Total
Estimated
Investment
Total Cash
Costs
Incurred as of
3/31/2025 (3)(4)
% Leased
Total Project
% Occupied
TENANT IMPROVEMENT (1)
Office / Life Science
San Francisco Bay Area
Kilroy Oyster Point - Phase 2
South San Francisco
2Q 2021
1Q 2026
875,000
$1,025
$828
—%
—%
4400 Bohannon Drive (5)
Other Peninsula
4Q 2022
3Q 2025
48,000
55
46
—%
—%
San Diego
4690 Executive Drive (5)
University Towne
Center
1Q 2022
3Q 2025
52,000
25
23
—%
—%
Total
975,000
$1,105
$897
—%
—%
________________________
(1)Represents projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service.
(2)For office and retail, represents the earlier of anticipated 95% occupancy date or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost capitalization may
cease and recommence driven by various factors, including tenant improvement construction and other tenant related timing or project scope. For projects being redeveloped, redevelopment will occur in phases based
on existing lease expiration dates and timing of the tenant improvement build-out.
(3)Represents costs incurred as of March 31, 2025, excluding accrued liabilities recorded in accordance with GAAP.
(4)For redevelopment properties, includes the existing depreciated basis for the buildings to be redeveloped.
(5)Redevelopment property.
Kilroy Realty Q1 2025 Supplemental Report | 29
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Future Development Pipeline
($ in millions)
Location
Approx. Developable
Square Feet / Resi Units (1)
Total Cash Costs
Incurred as of
3/31/2025 (2)
Los Angeles
1633 26th Street
West Los Angeles
190,000
$15
San Diego
Santa Fe Summit South / North
56 Corridor
600,000 - 650,000
116
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
242
Flower Mart
San Francisco CBD
2,300,000
633
Seattle
SIX0
Lake Union / Denny Regrade
925,000 and 650 units
193
Austin
Stadium Tower
Stadium District / Domain
493,000
76
Total
$1,400
________________________
(1)Represents developable office/life science square feet and/or residential units.  The developable square feet, residential units, and scope of projects could change materially from estimated data provided due to one or
more of the following: any significant changes in the economy, market conditions, our markets, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project
design.
(2)Represents costs incurred as of March 31, 2025, excluding accrued liabilities recorded in accordance with GAAP.
la_aeroxandersonx03xresize.jpg
04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
kilroy_logoxredxrgb.jpg
Aero, Long Beach, CA
Kilroy Realty Q1 2025 Supplemental Report | 31
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Capital Structure
As of March 31, 2025
($ in thousands)
Shares/
Units
Aggregate Principal
Amount or $
Value Equivalent
% of Total
Market
Capitalization
Stated
Rate (1)
Effective
Rate (2)
Maturity Date
Unsecured Debt
Revolving Credit Facility (3)
$—
—%
5.61%
5.61%
7/31/2028
Term Loan Facility (4)
200,000
2.3%
5.62%
6.39%
10/3/2027
Private Placement Senior Notes Series A due 2026
50,000
0.6%
4.30%
4.39%
7/18/2026
Private Placement Senior Notes Series B due 2026
200,000
2.3%
4.35%
4.44%
10/18/2026
Private Placement Senior Notes Series A due 2027
175,000
2.0%
3.35%
3.42%
2/17/2027
Private Placement Senior Notes Series B due 2029
75,000
0.9%
3.45%
3.51%
2/17/2029
Private Placement Senior Notes due 2031
350,000
4.1%
4.27%
4.32%
1/31/2031
Senior Notes due 2025
400,000
4.7%
4.38%
4.51%
10/1/2025
Senior Notes due 2028 (5)
400,000
4.7%
4.75%
4.87%
12/15/2028
Senior Notes due 2029
400,000
4.7%
4.25%
4.38%
8/15/2029
Senior Notes due 2030
500,000
5.8%
3.05%
3.17%
2/15/2030
Senior Notes due 2032 (5)
425,000
5.0%
2.50%
2.63%
11/15/2032
Senior Notes due 2033 (5)
450,000
5.3%
2.65%
2.73%
11/15/2033
Senior Notes due 2036
400,000
4.7%
6.25%
6.41%
1/15/2036
$4,025,000
47.1%
4.02%
4.32%
Secured Debt (6)
12100,12200, and 12312 W. Olympic Blvd., Los Angeles
$151,717
1.8%
3.57%
3.62%
12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle
78,432
0.9%
4.48%
4.57%
7/1/2027
One Paseo Mixed-Use Campus, San Diego
375,000
4.4%
5.90%
6.13%
8/10/2034
$605,149
7.1%
5.13%
5.30%
Total Debt
$4,630,149
54.2%
4.16%
4.46%
Equity and Noncontrolling Interest in the Operating Partnership (7)
Common limited partnership units outstanding (8)
1,150,574
$37,693
0.4%
Shares of common stock outstanding
118,268,759
3,874,485
45.4%
Total Equity and Noncontrolling Interest in the Operating
Partnership
$3,912,178
45.8%
Total Market Capitalization
$8,542,327
100.0%
________________________
(1)Our 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 our credit rating as of March 31, 2025. All other stated rates are fixed interest rates.
(2)Includes the unused facility fee, amortization of deferred financing costs for the unsecured term loan facility, unsecured senior notes, and secured debt, and the amortization of discounts for the unsecured senior notes.
(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 assumes the exercise of the two twelve-month extensions, 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 $32.76 as of March 31, 2025.
(8)Includes common units of the Operating Partnership not owned by the Company; does not include noncontrolling interests in consolidated property partnerships.
Kilroy Realty Q1 2025 Supplemental Report | 32
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Debt Maturities
As of March 31, 2025
($ in thousands)
chart-5e1e37be56c246648ac.gif
Total Debt
$404,707
$401,317
$449,125
$400,000
$475,000
$500,000
$350,000
$425,000
$450,000
$375,000
—
$400,000
Weighted
Average
Stated Rate
4.37%
4.06%
4.55%
4.75%
4.12%
3.05%
4.27%
2.50%
2.65%
5.90%
—%
6.25%
% of Total
9%
9%
9%
9%
10%
11%
8%
9%
9%
8%
—%
9%
________________________
(1)The maturity date of the unsecured term loan assumes the exercise of the two twelve-month extensions, at the Company's election.
(2)As of March 31, 2025, there was no outstanding balance on our unsecured revolving credit facility maturing on July 31, 2028, before two six-month extensions, at the Company's election. 
Kilroy Realty Q1 2025 Supplemental Report | 33
kilroy_logoxsupplementalre.jpg
Where Innovation Works
   
Debt Covenants & Leverage Ratios (1)
($ in thousands)
KEY DEBT COVENANTS (2)
Covenant
Actual Performance
as of March 31, 2025
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value
less than 60%
33%
Fixed charge coverage ratio
greater than 1.5x
3.3x
Unsecured debt ratio
greater than 1.67x
3.04x
Unencumbered asset pool debt service coverage
greater than 1.75x
3.74x
Unsecured Senior Notes due 2025, 2028, 2029, 2030, 2032, 2033, and 2036:
Total debt to total asset value
less than 60%
35%
Interest coverage
greater than 1.5x
5.3x
Secured debt to total asset value
less than 40%
5%
Unencumbered asset pool value to unsecured debt
greater than 150%
302%
NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Total principal amount of debt
$4,630,149
$4,631,688
$5,036,923
$5,158,432
$5,159,926
Cash and cash equivalents
(146,711)
(165,690)
(625,395)
(835,893)
(855,007)
Certificates of deposit
—
—
—
—
(78,256)
Net debt
$4,483,438
$4,465,998
$4,411,528
$4,322,539
$4,226,663
Trailing 12-months Company's share of EBITDAre (3) (4)
$677,632
$696,855
$686,336
$673,269
$672,267
Trailing 12-months Company's share of Adjusted EBITDAre (3) (4)
$651,936
$659,103
$642,678
$632,284
$637,945
Net debt to Company's share of EBITDAre Ratio
6.6x
6.4x
6.4x
6.4x
6.3x
Net debt to Company's share of Adjusted EBITDAre Ratio
6.9x
6.8x
6.9x
6.8x
6.6x
________________________
(1)Refer to pages 35-37 for Management Statements on non-GAAP supplemental 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 43 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended December 31, 2023, September 30, 2023, and June 30, 2023.
pnw_west8xandersonx24xresi.jpg
05
Non-GAAP
Supplemental
Measures
kilroy_logoxredxrgb.jpg
West8, Seattle, WA
Kilroy Realty Q1 2025 Supplemental Report | 35
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Management Statements on Non-GAAP Supplemental Measures
This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with
respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on May 5, 2025
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 composed 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, 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, 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 does not reflect general and
administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the
level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities
which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should
not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio.
Kilroy Realty Q1 2025 Supplemental Report | 36
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Management Statements on Non-GAAP Supplemental Measures, continued
EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:
The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization 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 our 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 our real estate investments and proxies for a measure we believe is used by many lenders and rating agencies to evaluate our ability to repay and
service our debt obligations.  We believe the ratios are beneficial disclosure to investors as supplemental means of evaluating our ability to meet obligations senior to
those of our 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.
Kilroy Realty Q1 2025 Supplemental Report | 37
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Management Statements on Non-GAAP Supplemental Measures, continued
Funds From Operations:
The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White
Paper on FFO approved by the Board of Governors of Nareit.  The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding
depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and
impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable
real estate held by the entity.  The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of
unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes
the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership
because we report FFO attributable to common stockholders and common unitholders. 
Management believes that FFO is a useful supplemental measure of the Company’s operating performance.  The exclusion from FFO of gains and losses from the
sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity
and assists in comparing those operating results between periods.  Also, because FFO is generally recognized as the industry standard for reporting the operations
of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and
accordingly, the Company’s FFO may not be comparable to all other REITs.
Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over
time.  Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of
operating results for real estate companies using historical cost accounting alone to be insufficient.  Because FFO excludes depreciation and amortization of real
estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance
relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP
presentations alone would provide.
FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or
the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic
costs and could materially impact the Company’s results from operations.
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.
a241203_201thirdxandersonx.jpg
06
Definitions &
Reconciliations
kilroy_logoxredxrgb.jpg
201 Third, San Francisco, CA
Kilroy Realty Q1 2025 Supplemental Report | 39
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Definitions Included in Supplemental
Annualized Base Rent:
Annualized monthly contractual rents from existing tenants that includes the impact of straight-lining rent escalations and the amortization of free rent periods
and excludes 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 unused facility fee and the effects of the amortization of any discounts/premiums 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 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"):
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 these costs are not
subtracted in our calculation of FAD.
Fixed Charge Coverage Ratio - EBITDAre:
Calculated as 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.
Kilroy Realty Q1 2025 Supplemental Report | 40
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Definitions Included in Supplemental, continued
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. 
Interest Coverage Ratio:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums).
Major Repositioning:
Space for which we are incurring significant non-recurring capital expenditures to reposition and is expected to result in additional revenue generated when
re-leased. Capital improvements for this space are not subtracted in our calculation of FAD. Tenant improvement and leasing commissions for this space are
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.
Redevelopment Properties:
Properties for which we expect 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.
Retention Rates (Leases Executed Including Subtenants):
Retention rate, inclusive of leases with subtenants where the Company does not expect to experience significant downtime in occupancy between leases. 
Kilroy Realty Q1 2025 Supplemental Report | 41
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Definitions Included in Supplemental, continued
Same Property Portfolio:
Our Same Property Portfolio includes all of our properties owned and included in our stabilized portfolio for two comparable reporting periods, i.e., owned and
included in our stabilized portfolio as of January 1, 2024 and still owned and included in the stabilized portfolio as of March 31, 2025. It includes our
residential portfolio, which consists of our 200-unit residential tower and 193-unit Jardine project in Hollywood, California and 608 residential units at our One
Paseo mixed-use project in Del Mar, California. It does not include undeveloped land, development and redevelopment properties currently committed for
construction, under construction, or in the tenant improvement phase, and properties held-for-sale. Also excludes recently stabilized development and
redevelopment projects. We define redevelopment properties as those projects for which we expect to spend significant development and construction costs
on existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property.
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
2
829,591
Remeasurements
—
(6,904)
Same Property Portfolio as of March 31, 2025
121
17,032,086
Stabilized Acquisition Properties
2
103,731
Stabilized Portfolio as of March 31, 2025
123
17,135,817
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. Tenant improvement and leasing commission capital expenditures for projects classified as Major
Repositioning are captured in 2nd Gen Capital Expenditures.
Stated Rate:
The rate at which interest expense is recorded per the respective loan documents.
Straight-Line Rents, Net:
Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable
balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.
Tenant Improvement Phase:
Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building
modifications before being placed in service.
Total Debt
Represents the gross aggregate principal amount due as of March 31, 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.
Kilroy Realty Q1 2025 Supplemental Report | 42
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Reconciliation of Net Income Available to Common Stockholders to
Same Property Cash Net Operating Income 
(unaudited, $ in thousands)
 
Three Months Ended (1)
 
3/31/2025
3/31/2024
Net Income Available to Common Stockholders
$39,008
$49,920
Net income attributable to noncontrolling common units of the Operating Partnership
375
502
Net income attributable to noncontrolling interests in consolidated property partnerships
4,298
5,278
Net Income
43,681
55,700
Adjustments:
Depreciation and amortization
87,119
88,031
Interest expense
31,148
38,871
Interest income
(1,134)
(13,190)
Other income (expense)
157
287
Leasing costs
2,873
2,279
General and administrative expenses
16,901
17,292
Lease termination fees (2)
(506)
(1,685)
Net Operating Income, as defined (3)
180,239
187,585
Other (4)
78
122
Deferred settlement and restoration income
(337)
(265)
Amortization of net below market rents
(846)
(904)
Straight-line rents, net
4,613
3,536
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,688)
(6,502)
Deferred income and lease incentives, net (5)
(834)
(2,296)
Cash Net Operating Income (3)
179,225
181,276
Non-Same Property Net Cash Operating Income (6)
(359)
516
Same Property Cash Net Operating Income
$178,866
$181,792
________________________
(1)For the three months ended March 31, 2025 and 2024, the Same Property Portfolio was comprised of 121 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 on a GAAP basis and Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income as presented has been conformed to our new definition.
(3)Please refer to page 35-37 for Management Statements on non-GAAP supplemental 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.
(6)Includes our in-process and future development projects, including projects in the tenant improvement phase.
Kilroy Realty Q1 2025 Supplemental Report | 43
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Reconciliation of Historical Net Income Available to Common
Stockholders to Company’s Share of Adjusted EBITDAre (1) 
(unaudited, $ in thousands)
 
Three Months Ended
12/31/2023
9/30/2023
6/30/2023
Net Income Available to Common Stockholders
$47,284
$52,762
$55,587
Interest expense
32,325
29,837
26,383
Depreciation and amortization
86,016
85,224
90,362
EBITDA
165,625
167,823
172,332
Net income attributable to noncontrolling common units of the Operating Partnership
471
515
537
Net income attributable to noncontrolling interests in consolidated property partnerships
5,291
5,460
5,151
EBITDAre
171,387
173,798
178,020
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(8,328)
(8,390)
(8,162)
Company's share of EBITDAre
163,059
165,408
169,858
Interest income
(10,696)
(7,015)
(3,421)
Company's share of Adjusted EBITDAre
$152,363
$158,393
$166,437
________________________
(1)Refer to pages 35-37 for Management Statements on non-GAAP supplemental measures.
Kilroy Realty Q1 2025 Supplemental Report | 44
kilroy_logoxsupplementalre.jpg
Where Innovation Works
Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)
 
Three Months Ended
 
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
GAAP Net Cash Provided by Operating Activities
$136,921
$108,237
$176,350
$88,693
$167,869
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures
(17,378)
(33,089)
(25,662)
(22,069)
(11,763)
Depreciation of non-real estate furniture, fixtures and equipment
(1,384)
(1,585)
(1,636)
(1,562)
(1,571)
Net changes in operating assets and liabilities (1)
(2,308)
42,445
(46,785)
55,471
(21,554)
Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD
(6,490)
(6,905)
(5,262)
(5,634)
(7,553)
Cash adjustments related to investing and financing activities
(265)
(16)
(185)
(65)
(100)
Funds Available for Distribution (2)
$109,096
$109,087
$96,820
$114,834
$125,328
________________________
(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 for Management Statements on non-GAAP supplemental measures.
This Supplemental Financial Report contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, among other things, information
concerning lease expirations, debt maturities, potential investments,
development and redevelopment activity, projected construction costs,
dispositions, and other forward-looking financial data. In some instances,
forward-looking statements can be identified by the use of forward-looking
terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”,
and variations of such words and similar expressions that do not relate to
historical matters. Forward-looking statements are based on Kilroy Realty
Corporation’s current expectations, beliefs, and assumptions, and are not
guarantees of future performance. Forward-looking statements are
inherently subject to uncertainties, risks, changes in circumstances, trends,
and factors that are difficult to predict, many of which are outside of Kilroy
Realty Corporation’s control. Accordingly, actual performance, results, and
events may vary materially from those indicated or implied in the forward-
looking statements, and you should not rely on the forward-looking
statements as predictions of future performance, results, or events.
Numerous factors could cause actual future performance, results, and
events to differ materially from those indicated in the forward-looking
statements, including, among others: global market and general economic
conditions, including actual and potential tariffs and periods of heightened
inflation, and their effect on our liquidity and financial conditions and those
of our tenants; adverse economic or real estate conditions generally, and
specifically, in the States of California, Texas, and Washington; risks
associated with our investment in real estate assets, which are illiquid, and
with trends in the real estate industry; defaults on or non-renewal of leases
by tenants; any significant downturn in tenants’ businesses, including
bankruptcy, lack of liquidity or lack of funding, and the impact labor
disruptions or strikes, such as episodic strikes in the entertainment
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.
fsridynmyoja6ntblntc3ntewo.gif
Where Innovation Works
kilroy_logoxredxrgb.jpg