v3.25.4
Organization and Ownership
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Ownership Organization and Ownership
Kilroy Realty Corporation (the “Company”) is a self-administered real estate investment trust (“REIT”) active in premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies and we have been consistently recognized for our leadership in sustainability and building operations. We own, develop, acquire, and manage real estate assets, consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, which are markets we believe have strategic advantages and strong barriers to entry. The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “KRC.”

We own our interests in all of our real estate assets through Kilroy Realty, L.P. (the “Operating Partnership”) and conduct substantially all of our operations through the Operating Partnership. Unless stated otherwise or the context otherwise requires, the terms “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” refer to Kilroy Realty Corporation and its consolidated subsidiaries, including the Operating Partnership, and the term “Operating Partnership” refers to Kilroy Realty, L.P. and its consolidated subsidiaries. The descriptions of our business, employees, and properties apply to both the Company and the Operating Partnership.

Our stabilized portfolio includes all of our properties with the exception of development and redevelopment properties currently committed for construction, under construction, or in the tenant improvement phase, undeveloped land, and real estate assets held for sale, if any.

Our stabilized portfolio of operating properties was comprised of the following properties at December 31, 2025:

Number of
Buildings		Rentable
Square Feet (unaudited)		Number of
Tenants
Percentage 
Occupied
(unaudited) (1)
Stabilized Office Properties (2)
121 16,292,164 438 81.6 %
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(1)Represents economic occupancy for space where we have achieved revenue recognition for the associated lease agreements.
(2)Includes stabilized life science and retail space.
Number of
Properties		Number of
Units
2025 Average Occupancy
(unaudited)
Stabilized Residential Properties31,001 94.1 %

As of December 31, 2025, the following projects were excluded from our stabilized portfolio:
Number of
Properties / Projects
Actual / Estimated Rentable
Square Feet (unaudited) (1)
Properties held for sale (2)
1427,764
In-process development project - tenant improvement
1871,738
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(1)For the property classified as held for sale, represents actual rentable square feet and consists of three buildings. For the in-process development project in the tenant improvement phase, represents estimated rentable square feet upon completion.
(2)See Note 4 “Dispositions and Held For Sale” for additional information.

Our stabilized portfolio also excludes our future development pipeline, which, as of December 31, 2025, was comprised of eight potential future development sites.
As of December 31, 2025, all of our properties and development and redevelopment projects, and all of our business was conducted in the state of California, with the exception of ten stabilized office properties and one future development project located in the state of Washington, and one stabilized office property and one future development project located in Austin, Texas. All of our properties and development and redevelopment projects are 100% owned, excluding the following four office properties owned by three consolidated property partnerships. Refer to Note 2 “Basis of Presentation and Significant Accounting Policies” for further discussion of the Company’s consolidated property partnerships.

Consolidated Property PartnershipProperty Address
Ownership Interest (1) (2)
100 First Street Member, LLC100 1st Street, San Francisco, CA 9410556%
303 Second Street Member, LLC303 2nd Street, San Francisco, CA 9410756%
Redwood City Partners, LLC900 Jefferson Avenue, Redwood City, CA 9406393%
900 Middlefield Road, Redwood City, CA 94063
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(1)Reflects the Company’s ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)The remaining interests in all three property partnerships were owned by unrelated third parties.

As of December 31, 2025, the Company owned an approximate 99.1% common general partnership interest in the Operating Partnership, and the remaining approximate 0.9% common limited partnership interest in the Operating Partnership as of December 31, 2025 was owned by non-affiliated investors. Both the general and limited common partnership interests in the Operating Partnership are denominated in common units. Generally, the number of common units held by the Company is equivalent to the number of outstanding shares of the Company’s common stock, and the rights of all the common units to quarterly distributions and payments in liquidation mirror those of the Company’s common stockholders. The common limited partners have certain redemption rights as provided in the Operating Partnership’s Seventh Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”). With the exception of the Operating Partnership and our consolidated property partnerships, all of our subsidiaries are wholly-owned.