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Exhibit 99.1
Kilroy Realty
Supplemental Financial Report
Q2 2026
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Kilroy Oyster Point, South San Francisco, CA
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KILROY REALTY CORPORATION REPORTS
SECOND QUARTER FINANCIAL AND OPERATIONAL RESULTS
---------------
LOS ANGELES, July 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial and operational results for the
second quarter ended June 30, 2026.
“Our second quarter results highlight continuing improvement in commercial real estate fundamentals across our West Coast markets, as we work to
capitalize on growing market demand against a backdrop of moderating high-quality supply,” commented Angela Aman, Chief Executive Officer. “During the
second quarter, we executed nearly 400,000 square feet of new and renewal leases, with re-leasing spreads on comparable second-generation space of
27% and 16% on a GAAP and cash basis, respectively, excluding leases signed on space vacant for more than a year. In addition, we continued to enhance
our strategic focus and financial flexibility, closing on approximately $200.0 million of previously announced residential dispositions and recasting and
expanding our unsecured credit facilities.”
Financial Results
•Revenues of $272.4 million for the quarter ended June 30, 2026, as compared to $289.9 million for the quarter ended June 30, 2025
•Net income available to common stockholders of $19.9 million, or $0.17 per diluted share, for the quarter ended June 30, 2026, as compared to
$68.4 million, or $0.57 per diluted share, for the quarter ended June 30, 2025
•Funds from operations (“FFO”) of $109.3 million, or $0.92 per diluted share, for the quarter ended June 30, 2026, as compared to $135.9 million, or
$1.13 per diluted share, for the quarter ended June 30, 2025
Leasing and Occupancy
•Stabilized Portfolio was 77.0% occupied and 81.5% leased at June 30, 2026, representing 450 basis points of leases signed but not yet commenced
◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 80.8% occupied and 83.3% leased at June 30, 2026,
representing 250 basis points of leases signed but not yet commenced
•During the quarter, signed approximately 376,000 square feet of leases
◦Leasing activity was comprised of 226,000 square feet of new leasing on previously vacant space, 7,000 square feet of new leasing on
currently occupied space, and 143,000 square feet of renewal leasing
▪New leasing on previously vacant space included an approximately 38,000-square-foot lease with Olema Pharmaceuticals at KOP 2
▪Leasing activity during the quarter included approximately 40,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter increased 21.0% and 6.1%, respectively, from prior levels on Second Generation leasing,
excluding short-term leasing
◦Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on leases signed during the quarter increased
27.3% and 15.6%, respectively
Capital Recycling Activity
•In April, completed the sale of the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential tower in the Hollywood
submarket of Los Angeles, for gross sales proceeds of $202.0 million
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Balance Sheet / Liquidity
•In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par
•In June, amended and restated the terms of the unsecured revolving credit and term loan facilities, increasing the borrowing capacity of the
unsecured revolving credit facility from $1.10 billion to $1.25 billion and the unsecured term loan facility from $200.0 million to $250.0 million. The
additional $50.0 million of term loan capacity consists of delayed-draw commitments that may be drawn upon through June 11, 2027. The maturity
date of the unsecured revolving credit facility was extended to July 31, 2030, which may be further extended by two six-month periods. Additionally,
the maturity date of the term loan facility was extended to July 31, 2031
Dividend
•The Board of Directors 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 July 8, 2026 to stockholders of record on June 30, 2026 (the ex-dividend date)
Recent Developments
•In July, repaid the outstanding $200.0 million of 4.350% Private Placement Senior Notes Series B due October 2026, at par
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Net Income Available to Common Stockholders / FFO Guidance
The Company is affirming Nareit-defined FFO per share guidance for the full year 2026 of $3.49 to $3.63 per diluted share. The table below reflects key
assumptions for 2026 guidance.
Key Assumptions
Current Assumptions (1)
Average full year occupancy
76.5% to 78.0%
Average full year occupancy excluding KOP 2
80.5% to 81.5%
Same Property Cash Net Operating Income (“NOI”) growth (2)
0.25% to 1.25%
NOI from Development Properties (3)
$(22.5) to $(24.0) million
Non-Cash GAAP NOI adjustments (2) (4)
$13.0 to $15.0 million
GAAP lease termination fee income
$3.0 to $4.5 million
General and administrative and Leasing costs
$(87.5) to $(89.5) million
Interest income
$2.0 to $3.0 million
Gross interest expense
$(208.0) to $(209.5) million
Capitalized interest (5)
$48.5 to $49.5 million
Total development spending (6)
+/- $150.0 million
Operating property dispositions
$347.5 to $500.0 million
Current Full Year 2026 Range
Low End
High End
$ and shares/units in thousands, except
per share/unit amounts
Net income available to common stockholders per share - diluted
$0.08
$0.22
Weighted average common shares outstanding - diluted (7)
118,100
118,100
Net income available to common stockholders
$9,055
$25,743
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
300
300
Net income attributable to noncontrolling interests in consolidated property partnerships
17,000
17,000
Depreciation and amortization of real estate assets
379,400
379,400
Gain on sale of depreciable operating property
(23,525)
(23,525)
Impairment of real estate assets
61,778
61,778
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships
(28,000)
(28,000)
Funds From Operations (2)
$416,008
$432,696
Weighted average common shares/units outstanding – diluted (8)
119,200
119,200
Nareit Funds From Operations per common share/unit – diluted (2)
$3.49
$3.63
________________________
(1)All current assumptions remain consistent with those provided in April 2026, except for Total development spending, which has been revised to +/- $150.0 million from the previously estimated range of $150.0 to $200.0
million.
(2)For additional information, please refer to pages 36-38 “Management Statements on Non-GAAP Supplemental Measures”.
(3)NOI from Development Properties is primarily attributable to the Company’s KOP 2 project. Guidance assumes the continued capitalization of the Company’s Flower Mart project through December 2026.
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(4)Non-Cash GAAP NOI adjustments include the following items: Deferred income and lease incentives, net, Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net,
Amortization of net below market rents, Deferred settlement and restoration fee income, and Other.
(5)Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through December 2026.
(6)Total development spending includes recently stabilized, in-process, and future development projects.
(7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(8)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of
all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and
FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including
assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance
estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of
any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ
materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss second quarter results and the current business environment during the Company’s July 28, 2026 earnings
conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details,
register by using the following link, https://events.q4inc.com/analyst/213776497?pwd=miK0Lhqd. Those interested in listening via the Internet can access the
conference call at https://events.q4inc.com/attendee/213776497. It may be necessary to download audio software to hear the conference call.
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Table of Contents
350 Mission, San Francisco, CA
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01
Corporate Data &
Financial Highlights
–Company Background
–Financial Highlights
–Consolidated Balance Sheets
–Consolidated Statements of Operations
–Funds From Operations & Funds Available for Distribution
–Supplemental Income Statement Detail
–Net Operating Income
–Same Property Net Operating Income Analysis (Cash Basis)
–EBITDA, EBITDAre, and Adjusted EBITDAre
The Post at Indeed Tower, Austin, TX
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Kilroy Realty Q2 2026 Supplemental Report | 2
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Company
Background
Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate
investment trust and member of the S&P MidCap 400 Index. The Company
owns, manages, develops, and acquires real estate assets consisting
primarily of premier office and life science properties in the San Francisco
Bay Area, Los Angeles, Seattle, San Diego, and Austin.
Stabilized Office & Life Science Portfolio
at June 30, 2026
123
17.1M
buildings
square feet
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77.0%
81.5%
occupied
leased
450 bps
376
leased but not
yet occupied
thousand square feet
of leases executed in
2Q 2026
Investor Relations
12200 W. Olympic Blvd., Suite 200
Los Angeles, CA 90064
(310) 481-8400
Web: www.kilroyrealty.com
E-mail: investorrelations@kilroyrealty.com
Board of Directors
Gary R. Stevenson
Chair
Angela M. Aman
Edward F. Brennan, PhD
Daryl J. Carter
Jolie A. Hunt
David A. Kieske
Cia Buckley Marakovits
Louisa G. Ritter
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
Sherrie S. Schwartz
EVP, Chief Human Resources Officer
Lauren N. Stadler
EVP, General Counsel and Secretary
Eliott L. Trencher
EVP, Chief Investment Officer
Chandni Jalan
SVP, Chief Accounting Officer
Equity Research Coverage
Barclays
Brendan Lynch
(212) 526-9428
BofA Securities
Jana Galan
(646) 855-5042
BMO Capital Markets Corp.
John P. Kim
(212) 885-4115
BTIG
Thomas Catherwood
(212) 738-6140
Citigroup Investment Research
Seth Bergey
(212) 816-2066
Deutsche Bank Securities, Inc.
Peter Abramowitz
(212) 250-9504
Evercore ISI
Steve Sakwa
(212) 446-9462
Goldman Sachs & Co. LLC
Caitlin Burrows
(212) 902-4736
Green Street Advisors
Dylan Burzinski
(949) 640-8780
Jefferies LLC
Joe Dickstein
(212) 778-8771
J.P. Morgan
Anthony Paolone
(212) 622-6682
Keybanc Capital Markets
Upal Rana
(917) 368-2316
Mizuho Securities USA LLC
Vikram Malhotra
(212) 282-3827
RBC Capital Markets
Mike Carroll
(440) 715-2649
Scotiabank
Nicholas Yulico
(212) 225-6904
Wells Fargo
Blaine Heck
(410) 662-2556
Wolfe Research
Ally Yaseen
(646) 582-9253
Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts
regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions,
forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its
reference above or distribution imply its endorsement of or concurrence with such information, conclusions or
recommendations.
Kilroy Realty Q2 2026 Supplemental Report | 3
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Financial Highlights
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
Six Months Ended
 
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
INCOME STATEMENT ITEMS:
Revenues
$272,371
$270,053
$272,187
$279,744
$289,892
$542,424
$560,736
Lease Termination Fees
364
398
1,541
309
10,754
762
11,260
Capitalized Interest and Debt Costs
11,632
13,991
20,632
22,574
21,333
25,623
41,881
Capitalized Internal Overhead Costs (1)
3,852
3,977
4,120
4,682
3,807
7,829
8,441
Other Capitalized Development Costs (2)
1,554
3,190
6,382
7,353
5,505
4,744
10,479
Non-Cash Amortization of Share-Based Compensation Awards
3,079
4,869
5,145
5,436
4,582
7,948
8,509
EARNINGS METRICS:
Net Income (Loss) Available to Common Stockholders
$19,905
$(19,267)
$12,444
$156,220
$68,449
$638
$107,457
Net Operating Income (3)
180,293
178,403
176,426
188,775
190,779
358,696
371,018
EBITDAre (4)
159,986
156,406
158,139
171,561
181,500
316,392
343,499
Company's Share of EBITDAre (4)
152,478
148,583
150,555
164,126
167,914
301,061
322,633
Company's Share of Adjusted EBITDAre (4)
151,231
147,629
148,350
161,007
167,402
298,860
320,987
Funds From Operations (5)
109,338
108,846
117,158
130,561
135,891
218,184
258,201
Funds Available for Distribution (5)
83,626
91,106
90,534
100,939
103,889
174,732
212,985
PER SHARE INFORMATION (6):
Net income (loss) available to common stockholders per share –
diluted
$0.17
$(0.16)
$0.10
$1.31
$0.57
$0.01
$0.90
Funds From Operations per common share/unit – diluted (5)
0.92
0.91
0.97
1.08
1.13
1.83
2.15
Dividends declared per common share
0.54
0.54
0.54
0.54
0.54
2.16
2.16
RATIOS (7):
Net Operating Income Margin
66.2%
66.1%
64.8%
67.5%
65.8%
66.1%
66.2%
Net Debt to Company's Share of EBITDAre Ratio (4)
7.0x
7.0x
7.0x
6.4x
6.6x
N/A
N/A
Net Debt to Company's Share of Adjusted EBITDAre Ratio (4)
7.1x
7.1x
7.1x
6.5x
6.7x
N/A
N/A
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (4)
3.1x
3.0x
3.0x
3.2x
3.4x
3.0x
3.5x
FFO / FAD Payout Ratio (5)
58.0% / 75.8%
58.3% / 69.6%
55.1% / 71.3%
49.4% / 63.9%
47.5% / 62.1%
58.1% / 72.6%
50.0% / 60.6%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage
77.0%
77.6%
81.6%
81.0%
80.8%
77.0%
80.8%
Period End Leased Percentage
81.5%
82.3%
83.8%
83.3%
83.5%
81.5%
83.5%
Period End Occupancy Percentage excluding KOP 2
80.8%
81.5%
N/A
N/A
N/A
80.8%
N/A
Period End Leased Percentage excluding KOP 2
83.3%
84.3%
N/A
N/A
N/A
83.3%
N/A
Average Occupancy
77.6%
77.4%
80.9%
80.7%
80.8%
77.5%
81.1%
Average Occupancy excluding KOP 2
81.4%
81.4%
N/A
N/A
N/A
81.4%
N/A
Lease Composition (Net / Gross) (8)
53% / 47%
52% / 48%
52% / 48%
50% / 50%
51% / 49%
N/A
N/A
________________________
Note: Refer to pages 40-43 “Definitions Included in Supplemental” for definitions of commonly used terms included throughout this report. Refer to pages 36-38 “Non-GAAP Supplemental Measures” for management statements on the
Company’s non-GAAP measures presented in this report.
(1)Primarily represents compensation costs capitalized to construction and development projects.
(2)Represents incidental property operating and carry costs capitalized to development projects.
(3)Refer to page 44 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
(4)Refer to pages 10 and 45 for reconciliations of GAAP Net Income (Loss) Available to Common Stockholders to EBITDAre, Company’s Share of EBITDAre, and Company’s Share of Adjusted EBITDAre.
(5)Refer to page 6 for reconciliations of GAAP Net Income (Loss) Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 46 for a reconciliation of GAAP Net Cash Provided by
Operating Activities to Funds Available for Distribution.
(6)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(7)Ratios are calculated based on current quarter amounts unless otherwise noted. Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre Ratios are calculated on a trailing-12 month basis. Refer to page 34 for additional
information. 
(8)Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the end of the period presented.
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Consolidated Balance Sheets
(unaudited, $ in thousands)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
ASSETS:
Land
$1,730,514
$1,730,514
$1,641,913
$1,661,679
$1,627,754
Buildings and improvements
9,051,287
9,011,023
8,505,486
8,658,236
8,427,405
Undeveloped land and construction in progress
1,602,626
1,585,042
2,387,742
2,355,181
2,364,938
Total real estate assets held for investment
12,384,427
12,326,579
12,535,141
12,675,096
12,420,097
Accumulated depreciation and amortization
(2,936,240)
(2,857,265)
(2,843,811)
(2,952,576)
(2,877,165)
Total real estate assets held for investment, net
9,448,187
9,469,314
9,691,330
9,722,520
9,542,932
Real estate and other assets held for sale, net
—
188,771
115,155
—
255,795
Cash and cash equivalents
253,805
192,904
179,316
372,416
193,129
Marketable securities
34,990
31,417
30,807
33,569
31,629
Current receivables, net
12,184
15,712
12,765
13,191
11,718
Deferred rent receivables, net
423,968
425,420
424,794
436,886
436,964
Deferred leasing costs and acquisition-related intangible assets, net
264,033
271,213
278,232
229,175
208,266
Right of use ground lease assets, net
127,548
127,834
128,116
128,396
128,674
Prepaid expenses and other assets, net
67,233
52,273
54,561
56,046
58,725
Total Assets
$10,631,948
$10,774,858
$10,915,076
$10,992,199
$10,867,832
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net
$590,095
$591,398
$592,685
$593,956
$595,212
Unsecured debt, net
3,947,034
3,997,993
3,996,774
3,995,555
4,002,507
Accounts payable, accrued expenses, and other liabilities
260,644
303,808
288,963
321,188
273,600
Ground lease liabilities
127,198
127,414
127,628
127,830
128,030
Accrued dividends and distributions
63,422
63,421
65,009
64,996
64,985
Deferred revenue and acquisition-related intangible liabilities, net
117,845
122,272
125,628
127,931
131,606
Rents received in advance and tenant security deposits
77,736
79,638
75,701
74,888
73,561
Liabilities related to real estate assets held for sale
—
—
4,945
—
4,887
Total liabilities
5,183,974
5,285,944
5,277,333
5,306,344
5,274,388
Equity:
Stockholders’ Equity
Common stock
1,163
1,163
1,184
1,183
1,183
Additional paid-in capital
5,166,167
5,161,140
5,230,747
5,223,369
5,216,320
Retained earnings
58,881
102,859
188,876
240,810
148,952
Total stockholders’ equity
5,226,211
5,265,162
5,420,807
5,465,362
5,366,455
Noncontrolling Interests
Common units of the Operating Partnership
50,935
51,328
51,911
53,154
52,192
Consolidated property partnerships
170,828
172,424
165,025
167,339
174,797
Total noncontrolling interests
221,763
223,752
216,936
220,493
226,989
Total equity
5,447,974
5,488,914
5,637,743
5,685,855
5,593,444
Total Liabilities And Equity
$10,631,948
$10,774,858
$10,915,076
$10,992,199
$10,867,832
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Consolidated Statements of Operations
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Revenues
Rental income
$268,321
$265,330
$267,363
$274,909
$285,071
$533,651
$551,315
Other property income
4,050
4,723
4,824
4,835
4,821
8,773
9,421
Total revenues
272,371
270,053
272,187
279,744
289,892
542,424
560,736
Expenses
Property expenses
60,134
59,283
64,673
61,764
58,575
119,417
117,289
Real estate taxes
28,302
28,782
26,556
25,878
26,765
57,084
55,130
Ground leases
3,278
3,187
2,991
3,018
3,019
6,465
6,039
General and administrative expenses
18,933
20,699
19,485
18,247
18,475
39,632
35,376
Leasing costs
2,814
3,010
2,592
2,610
2,277
5,824
5,150
Depreciation and amortization
93,560
94,344
92,623
87,487
87,625
187,904
174,744
Total expenses
207,021
209,305
208,920
199,004
196,736
416,326
393,728
Other Income (Expenses)
Interest income
1,247
954
2,205
3,119
512
2,201
1,646
Interest expense
(41,634)
(38,511)
(32,148)
(32,152)
(30,844)
(80,145)
(61,992)
Other (expense) income
(248)
389
44
91
190
141
33
Gains on sales of depreciable operating properties
—
23,525
—
110,484
16,554
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i
e
s
16,554
Impairment of real estate assets (1)
—
(61,778)
(16,259)
—
—
(61,778)
—
Total other (expenses) income
(40,635)
(75,421)
(46,158)
81,542
(13,588)
(116,056)
(43,759)
Net Income (Loss)
24,715
(14,673)
17,109
162,282
79,568
10,042
123,249
Net (income) loss attributable to noncontrolling common units of the
Operating Partnership
(193)
185
(120)
(1,524)
(663)
(8)
(1,038)
Net income attributable to noncontrolling interests in consolidated
property partnerships
(4,617)
(4,779)
(4,545)
(4,538)
(10,456)
(9,396)
(14,754)
Total net income attributable to noncontrolling interests
(4,810)
(4,594)
(4,665)
(6,062)
(11,119)
(9,404)
(15,792)
Net Income (Loss) Available To Common Stockholders
$19,905
$(19,267)
$12,444
$156,220
$68,449
$638
$107,457
Weighted average common shares outstanding – basic
116,292
117,637
118,338
118,296
118,285
116,961
118,240
Weighted average common shares outstanding – diluted
117,063
117,637
119,153
118,822
118,683
117,699
118,674
Net Income (Loss) Available To Common Stockholders Per Share
Net income (loss) available to common stockholders per share – basic
$0.17
$(0.16)
$0.10
$1.32
$0.58
$0.01
$0.91
Net income (loss) available to common stockholders per share – diluted
$0.17
$(0.16)
$0.10
$1.31
$0.57
$0.01
$0.90
________________________
(1)During the three months ended March 31, 2026, we recognized an impairment charge of approximately $61.8 million to reduce the carrying amount of the Columbia Square Living and Jardine residential towers to their
current fair value less closing costs. The sale of these properties closed in April 2026. During the three months ended December 31, 2025, we recognized an impairment charge of approximately $16.3 million to reduce
the carrying amount of Sunset Media Center to its current fair value less closing costs. The sale of this property closed in December 2025.
Kilroy Realty Q2 2026 Supplemental Report | 6
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Where Innovation Works
Funds From Operations & Funds Available for Distribution
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
FUNDS FROM OPERATIONS:
Net income (loss) available to common stockholders
$19,905
$(19,267)
$12,444
$156,220
$68,449
$638
$107,457
Adjustments:
Net income (loss) attributable to noncontrolling common units of the Operating
Partnership
193
(185)
120
1,524
663
8
1,038
Net income attributable to noncontrolling interests in consolidated property
partnerships
4,617
4,779
4,545
4,538
10,456
9,396
14,754
Depreciation and amortization of real estate assets
92,131
92,885
91,213
86,080
86,243
185,016
171,978
Gains on sales of depreciable operating properties
—
(23,525)
—
(110,484)
(16,554)
(23,525)
(16,554)
Impairment of real estate assets
—
61,778
16,259
—
—
61,778
—
Funds From Operations attributable to noncontrolling interests in consolidated
property partnerships
(7,508)
(7,619)
(7,423)
(7,317)
(13,366)
(15,127)
(20,472)
Funds From Operations
$109,338
$108,846
$117,158
$130,561
$135,891
$218,184
$258,201
Weighted average common shares/units outstanding – basic (1)
117,956
119,251
119,869
119,870
119,848
118,600
119,799
Weighted average common shares/units outstanding – diluted (1)
118,726
119,957
120,684
120,397
120,246
119,338
120,233
FFO per common share/unit – basic (2)
$0.93
$0.91
$0.98
$1.09
$1.13
$1.84
$2.16
FFO per common share/unit – diluted (2)
$0.92
$0.91
$0.97
$1.08
$1.13
$1.83
$2.15
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds From Operations
$109,338
$108,846
$117,158
$130,561
$135,891
$218,184
$258,201
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures
(28,111)
(18,743)
(31,724)
(36,959)
(34,040)
(46,854)
(51,418)
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,315)
(3,218)
(3,547)
(3,639)
(3,770)
(6,533)
(7,458)
Straight-line rents, net
1,502
(701)
2,358
1,303
3,354
801
7,967
Amortization of net below market rents
(651)
(641)
(624)
(764)
(845)
(1,292)
(1,691)
Amortization of deferred financing costs and net debt discount/premium
2,637
1,662
1,162
1,218
1,178
4,299
2,397
Non-cash amortization of share-based compensation awards
3,079
4,869
5,145
5,436
4,582
7,948
8,509
Lease related adjustments and other (3)
(1,261)
(1,380)
(640)
1,877
(2,626)
(2,641)
(4,303)
Adjustments attributable to noncontrolling interests in consolidated property
partnerships
408
412
1,246
1,906
165
820
781
Funds Available for Distribution
$83,626
$91,106
$90,534
$100,939
$103,889
$174,732
$212,985
________________________
(1)Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. Diluted amounts also include non-
participating share-based awards and the dilutive impact of contingently issuable shares.
(2)Reported per common share/unit amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(3)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income. Includes non-cash ground rent expense beginning in Q1 2026.
Kilroy Realty Q2 2026 Supplemental Report | 7
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Where Innovation Works
Supplemental Income Statement Detail
(unaudited, $ in thousands)
Three Months Ended
Six Months Ended
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Revenues
Income Statement Category
*
Base rent
Rental income
$195,445
$193,622
$197,081
$201,633
$201,955
$389,067
$404,595
*
Tenant reimbursements
Rental income
46,994
46,527
47,779
51,867
48,035
93,521
94,348
*
Other revenues (1)
Rental income
15,951
18,417
18,442
16,656
19,967
34,368
35,597
Deferred income and lease incentives, net (2)
Rental income
965
1,060
257
707
771
2,025
1,605
Amortization of deferred revenue related to
tenant-funded tenant improvements
Rental income
3,315
3,218
3,547
3,639
3,770
6,533
7,458
Straight-line rents, net
Rental income
(1,502)
701
(2,358)
(1,303)
(3,354)
(801)
(7,967)
Amortization of net below market rents
Rental income
651
641
624
764
845
1,292
1,691
*
Settlement and restoration fee income
Rental income
6,138
746
450
2,663
639
6,884
702
Deferred settlement and restoration fee income
Rental income
—
—
—
(2,026)
1,689
—
2,026
Cash lease termination fee income
Rental income
—
9
1,158
867
10,588
9
10,588
Deferred lease termination fee income
Rental income
364
389
383
(558)
166
753
672
*
Other property income (3)
Other property income
4,050
4,723
4,824
4,835
4,821
8,773
9,421
Total Revenues
$272,371
$270,053
$272,187
$279,744
$289,892
$542,424
$560,736
________________________
•Represents a component of Cash Net Operating Income.
(1)Primarily comprised of residential income, contractual parking income, and net of revenues deemed uncollectible.
(2)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(3)Primarily comprised of transient parking income.
Kilroy Realty Q2 2026 Supplemental Report | 8
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Where Innovation Works
Net Operating Income
(unaudited, $ in thousands)
Three Months Ended
Six Months Ended
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Cash Operating Revenues:
Base rent
$195,445
$193,622
$197,081
$201,633
$201,955
$389,067
$404,595
Tenant reimbursements
46,994
46,527
47,779
51,867
48,035
93,521
94,348
Other revenues (1)
15,951
18,417
18,442
16,656
19,967
34,368
35,597
Settlement and restoration fee income
6,138
746
450
2,663
639
6,884
702
Other property income (2)
4,050
4,723
4,824
4,835
4,821
8,773
9,421
Total cash operating revenues
268,578
264,035
268,576
277,654
275,417
532,613
544,663
Cash Operating Expenses:
Property expenses
60,134
59,283
64,673
61,764
58,575
119,417
117,289
Real estate taxes
28,302
28,782
26,556
25,878
26,765
57,084
55,130
Ground leases
3,210
3,118
2,913
2,940
2,941
6,328
5,883
Total cash operating expenses
91,646
91,183
94,142
90,582
88,281
182,829
178,302
Cash Net Operating Income (3)
176,932
172,852
174,434
187,072
187,136
349,784
366,361
Deferred income and lease incentives, net (4)
965
1,060
257
707
771
2,025
1,605
Amortization of deferred revenue related to tenant-funded tenant improvements
3,315
3,218
3,547
3,639
3,770
6,533
7,458
Straight-line rents, net
(1,502)
701
(2,358)
(1,303)
(3,354)
(801)
(7,967)
Amortization of net below market rents
651
641
624
764
845
1,292
1,691
Deferred settlement and restoration fee income
—
—
—
(2,026)
1,689
—
2,026
Other (5)
(68)
(69)
(78)
(78)
(78)
(137)
(156)
Net Operating Income (3)
180,293
178,403
176,426
188,775
190,779
358,696
371,018
Lease termination fees
364
398
1,541
309
10,754
762
11,260
General and administrative expenses
(18,933)
(20,699)
(19,485)
(18,247)
(18,475)
(39,632)
(35,376)
Leasing costs
(2,814)
(3,010)
(2,592)
(2,610)
(2,277)
(5,824)
(5,150)
Other (expense) income
(248)
389
44
91
190
141
33
Interest income
1,247
954
2,205
3,119
512
2,201
1,646
Interest expense
(41,634)
(38,511)
(32,148)
(32,152)
(30,844)
(80,145)
(61,992)
Depreciation and amortization
(93,560)
(94,344)
(92,623)
(87,487)
(87,625)
(187,904)
(174,744)
Gains on sales of depreciable operating properties
—
23,525
—
110,484
16,554
23,525
16,554
Impairment of real estate assets
—
(61,778)
(16,259)
—
—
(61,778)
—
Net Income (Loss)
$24,715
$(14,673)
$17,109
$162,282
$79,568
$10,042
$123,249
________________________
(1)Primarily comprised of residential income, contractual parking income, and net of revenues deemed uncollectible.
(2)Primarily comprised of transient parking income.
(3)Refer to page 44 for a reconciliation of GAAP Net Income Available to Common Stockholders to Cash Net Operating Income and Net Operating Income.
(4)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(5)Includes other non-cash amounts primarily related to ground rent expense.
Kilroy Realty Q2 2026 Supplemental Report | 9
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Where Innovation Works
Same Property Net Operating Income Analysis (Cash Basis)
(unaudited, $ in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Contribution
2026
2025
% Contribution
Total Same Property Portfolio
Number of properties
113
113
Square Feet
15,617,298
15,617,298
Average Occupancy (1)
82.0%
81.0%
82.0%
81.4%
Percent of Stabilized Portfolio
91.2%
91.2%
Cash Operating Revenues:
Base rent
$187,649
$185,959
1.0%
$372,421
$372,717
(0.1)%
Tenant reimbursements
44,570
44,973
(0.2)%
88,947
88,552
0.2%
Other revenues (2)
14,370
15,224
(0.5)%
27,943
26,201
0.5%
Settlement and restoration fee income
6,117
639
3.2%
6,863
702
1.8%
Other property income (3)
3,625
4,160
(0.3)%
7,599
7,934
(0.1)%
Total cash operating revenues
256,331
250,955
3.2%
503,773
496,106
2.3%
Cash Operating Expenses:
Property expenses
53,854
51,654
(1.3)%
106,111
103,805
(0.7)%
Real estate taxes
23,053
22,792
(0.2)%
46,478
47,188
0.2%
Ground leases
3,210
2,941
(0.2)%
6,328
5,883
(0.1)%
Total cash operating expenses
80,117
77,387
(1.7)%
158,917
156,876
(0.6)%
Cash Net Operating Income (4) (5) (6)
$176,214
$173,568
1.5%
$344,856
$339,230
1.7%
________________________
(1)Calculated as the average of the daily ending occupancy percentages.
(2)Primarily comprised of residential income, contractual parking income, and net of revenues deemed uncollectible.
(3)Primarily comprised of transient parking income.
(4)For Same Property Cash Net Operating Income, restoration and settlement fee income is recognized in the period in which it is received, which may not correspond with the timing of GAAP revenue recognition. Tenant
prepayments are recognized in the applicable lease billing period.
(5)Refer to page 44 for a reconciliation of GAAP Net Income Available to Common Stockholders to Same Property Cash Net Operating Income.
(6)For the three months ended June 30, 2026 and 2025, Same Property Cash Net Operating Income from our One Paseo Living residential property represented 2.9% and 2.8% of total Same Property Cash Net Operating
Income, respectively. For the six months ended June 30, 2026 and 2025, Same Property Cash Net Operating Income from our One Paseo Living residential property represented 2.9% and 2.7% of total Same Property
Cash Net Operating Income, respectively.
Kilroy Realty Q2 2026 Supplemental Report | 10
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Where Innovation Works
EBITDA, EBITDAre, and Adjusted EBITDAre
(unaudited, $ in thousands)
Three Months Ended
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Net Income (Loss) Available to Common Stockholders
$19,905
$(19,267)
$12,444
$156,220
$68,449
Interest expense
41,634
38,511
32,148
32,152
30,844
Depreciation and amortization
93,560
94,344
92,623
87,487
87,625
Taxes
77
(29)
—
124
17
EBITDA
155,176
113,559
137,215
275,983
186,935
Net income (loss) available to noncontrolling common units of the Operating Partnership
193
(185)
120
1,524
663
Net income attributable to noncontrolling interests in consolidated property partnerships
4,617
4,779
4,545
4,538
10,456
Gains on sales of depreciable operating properties
—
(23,525)
—
(110,484)
(16,554)
Impairment of real estate assets
—
61,778
16,259
—
—
EBITDAre
159,986
156,406
158,139
171,561
181,500
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,508)
(7,823)
(7,584)
(7,435)
(13,586)
Company's Share of EBITDAre
152,478
148,583
150,555
164,126
167,914
Interest income
(1,247)
(954)
(2,205)
(3,119)
(512)
Company's Share of Adjusted EBITDAre
$151,231
$147,629
$148,350
$161,007
$167,402
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02
Portfolio Data
–Stabilized Portfolio Occupancy Overview by Region
–Leases Executed
–Stabilized Portfolio Capital Expenditures
–Stabilized Portfolio Lease Expirations
–Top 20 Tenants
–Tenant Industry Diversification
–2026 Acquisitions
–2026 Dispositions and Assets Under Contract
–Consolidated Ventures (Noncontrolling Property Partnerships)
Maple Plaza, Beverly Hills, CA
kilroy_logoxredxrgb.jpg
Kilroy Realty Q2 2026 Supplemental Report | 12
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Where Innovation Works
                                                       
Stabilized Portfolio Occupancy Overview by Region (1) (2)
(unaudited)
 
Total Rentable
Square Feet
Occupied at
Leased at
YTD NOI %
Rentable
Square Feet %
6/30/2026
3/31/2026
6/30/2026
3/31/2026
SAN FRANCISCO BAY AREA
San Francisco CBD
25.9%
19.9%
3,410,022
81.3%
82.4%
82.0%
84.3%
South San Francisco (3)
8.5%
9.8%
1,677,847
47.9%
46.9%
69.5%
67.2%
Other Peninsula
5.5%
4.2%
726,200
89.4%
85.3%
89.4%
89.4%
Silicon Valley
4.9%
3.6%
622,640
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
44.8%
37.5%
6,436,709
75.3%
75.2%
81.3%
81.9%
LOS ANGELES
El Segundo
2.9%
6.4%
1,103,595
65.4%
65.1%
65.8%
66.0%
Hollywood / West Hollywood
7.2%
6.2%
1,057,790
86.1%
85.3%
95.6%
95.2%
Long Beach
2.7%
5.6%
956,996
78.5%
88.1%
81.6%
92.9%
West Los Angeles
1.3%
3.8%
655,094
55.2%
57.8%
63.0%
58.0%
Beverly Hills
1.9%
1.8%
306,366
80.4%
81.6%
84.1%
81.6%
Culver City
0.2%
1.0%
166,207
52.2%
50.8%
52.2%
52.2%
Total Los Angeles
16.2%
24.8%
4,246,048
72.5%
74.8%
77.2%
78.7%
SEATTLE
Lake Union / Denny Regrade
11.2%
12.1%
2,078,012
80.7%
78.5%
85.9%
83.3%
Bellevue
5.7%
5.4%
919,295
74.9%
81.0%
75.6%
81.5%
Total Seattle
16.9%
17.5%
2,997,307
78.9%
79.3%
82.7%
82.7%
SAN DIEGO
Del Mar
12.9%
10.8%
1,853,346
89.2%
90.2%
89.4%
90.4%
Little Italy / Point Loma
0.8%
1.9%
320,371
62.9%
61.9%
67.3%
67.4%
University Towne Center
1.8%
1.7%
283,134
81.6%
81.6%
90.3%
90.3%
Torrey Pines
1.6%
1.4%
232,166
75.1%
75.1%
75.1%
75.1%
Total San Diego
17.1%
15.8%
2,689,017
84.1%
84.6%
85.6%
86.3%
AUSTIN
Austin CBD
5.0%
4.4%
758,975
84.0%
83.2%
88.8%
88.8%
Total Austin
5.0%
4.4%
758,975
84.0%
83.2%
88.8%
88.8%
Total Stabilized Portfolio
100.0%
100.0%
17,128,056
77.0%
77.6%
81.5%
82.3%
Total Stabilized Portfolio Excluding KOP 2
80.8%
81.5%
83.3%
84.3%
Average Occupancy (4)
Quarter to Date
Quarter to Date (Excluding KOP 2)
Year to Date
Year to Date (Excluding KOP 2)
77.6%
81.4%
77.5%
81.4%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes our residential property.
(2)Occupied and leased percentage calculations presented throughout this report are based on rentable square footage at the end of the period, inclusive of all remeasurements that occurred during the period.
(3)KOP 2 stabilized during the three months ended March 31, 2026.
(4)Calculated as the average of the daily ending occupancy percentages.
Kilroy Realty Q2 2026 Supplemental Report | 13
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
6/30/2026
3/31/2026
6/30/2026
3/31/2026
SAN FRANCISCO BAY AREA, CALIFORNIA
100 Hooper Street
100 Hooper
San Francisco CBD
417,914
94.4%
94.4%
94.4%
94.4%
100 First Street
100 First Street
San Francisco CBD
480,457
92.2%
95.2%
92.2%
95.2%
201 Third Street
201 Third Street
San Francisco CBD
355,960
86.4%
62.1%
90.7%
80.2%
303 Second Street
303 Second Street
San Francisco CBD
784,658
63.1%
62.7%
64.0%
62.7%
350 Mission Street
350 Mission Street
San Francisco CBD
455,340
99.7%
99.7%
99.7%
99.7%
360 Third Street
360 Third Street
San Francisco CBD
436,357
45.7%
71.3%
45.7%
71.3%
250 Brannan Street
The Brannans
San Francisco CBD
100,850
100.0%
100.0%
100.0%
100.0%
301 Brannan Street
The Brannans
San Francisco CBD
82,834
100.0%
100.0%
100.0%
100.0%
333 Brannan Street
The Brannans
San Francisco CBD
185,602
100.0%
100.0%
100.0%
100.0%
345 Brannan Street
The Brannans
San Francisco CBD
110,050
99.7%
99.7%
99.7%
99.7%
350 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
234,892
100.0%
100.0%
100.0%
100.0%
352 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
232,215
100.0%
100.0%
100.0%
100.0%
354 Oyster Point Boulevard
Kilroy Oyster Point - Phase 1
South San Francisco
193,472
100.0%
100.0%
100.0%
100.0%
363 Oyster Point Boulevard *
Kilroy Oyster Point - Phase 2
South San Francisco
318,935
0.0%
0.0%
0.0%
0.0%
365 Oyster Point Boulevard *
Kilroy Oyster Point - Phase 2
South San Francisco
272,333
22.9%
17.1%
53.0%
39.2%
369 Oyster Point Boulevard *
Kilroy Oyster Point - Phase 2
South San Francisco
280,470
0.0%
0.0%
100.0%
100.0%
345 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
40,410
100.0%
100.0%
100.0%
100.0%
347 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
39,780
100.0%
100.0%
100.0%
100.0%
349 Oyster Point Boulevard
Oyster Point Tech Center
South San Francisco
65,340
0.0%
0.0%
0.0%
0.0%
900 Jefferson Avenue
Crossing 900
Other Peninsula
228,226
100.0%
100.0%
100.0%
100.0%
900 Middlefield Road
Crossing 900
Other Peninsula
119,616
100.0%
100.0%
100.0%
100.0%
4100 Bohannon Drive
Menlo Corporate Center
Other Peninsula
47,643
100.0%
100.0%
100.0%
100.0%
4200 Bohannon Drive
Menlo Corporate Center
Other Peninsula
43,600
48.9%
48.9%
48.9%
48.9%
4300 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,430
85.3%
38.8%
85.3%
85.3%
4400 Bohannon Drive *
Menlo Corporate Center
Other Peninsula
48,414
6.3%
6.3%
6.3%
6.3%
4500 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
4600 Bohannon Drive
Menlo Corporate Center
Other Peninsula
48,413
100.0%
100.0%
100.0%
100.0%
4700 Bohannon Drive
Menlo Corporate Center
Other Peninsula
63,429
100.0%
100.0%
100.0%
100.0%
680 E. Middlefield Road
680 & 690 Middlefield
Silicon Valley
171,676
100.0%
100.0%
100.0%
100.0%
690 E. Middlefield Road
680 & 690 Middlefield
Silicon Valley
171,215
100.0%
100.0%
100.0%
100.0%
1701 Page Mill Road
Page Mill / Porter
Silicon Valley
128,688
100.0%
100.0%
100.0%
100.0%
3150 Porter Drive
Page Mill / Porter
Silicon Valley
36,886
100.0%
100.0%
100.0%
100.0%
1290-1300 Terra Bella Avenue
Terra Bella
Silicon Valley
114,175
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
6,436,709
75.3%
75.2%
81.3%
81.9%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q2 2026 Supplemental Report | 14
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
 
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
6/30/2026
3/31/2026
6/30/2026
3/31/2026
LOS ANGELES, CALIFORNIA
2240 E. Imperial Highway
Kilroy Airport Center
El Segundo
122,870
100.0%
100.0%
100.0%
100.0%
2250 E. Imperial Highway
Kilroy Airport Center
El Segundo
298,728
37.7%
37.7%
37.7%
37.7%
2260 E. Imperial Highway
Kilroy Airport Center
El Segundo
298,728
100.0%
100.0%
100.0%
100.0%
909 N. Pacific Coast Highway
The Nines
El Segundo
244,880
66.4%
65.5%
68.3%
69.7%
999 N. Pacific Coast Highway
The Nines
El Segundo
138,389
18.3%
16.9%
18.3%
16.9%
1500 N. El Centro Avenue
Columbia Square
Hollywood / West Hollywood
113,447
63.6%
63.6%
63.6%
63.6%
1525 N. Gower Street
Columbia Square
Hollywood / West Hollywood
9,610
100.0%
0.0%
100.0%
100.0%
1575 N. Gower Street
Columbia Square
Hollywood / West Hollywood
264,430
100.0%
98.3%
100.0%
98.3%
6115 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
26,237
73.4%
93.4%
98.2%
98.2%
6121 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
93,418
0.0%
0.0%
100.0%
100.0%
1350 Ivar Avenue
On Vine
Hollywood / West Hollywood
16,448
100.0%
100.0%
100.0%
100.0%
1355 Vine Street
On Vine
Hollywood / West Hollywood
183,129
100.0%
100.0%
100.0%
100.0%
1375 Vine Street
On Vine
Hollywood / West Hollywood
159,236
100.0%
100.0%
100.0%
100.0%
1395 Vine Street
On Vine
Hollywood / West Hollywood
2,575
100.0%
100.0%
100.0%
100.0%
8560 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
76,359
98.9%
100.0%
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
41.0%
41.0%
41.0%
41.0%
8590 W. Sunset Boulevard
The Sunset
Hollywood / West Hollywood
56,750
99.7%
99.7%
99.7%
99.7%
3750 Kilroy Airport Way
Aero
Long Beach
7,491
100.0%
100.0%
100.0%
100.0%
3760 Kilroy Airport Way
Aero
Long Beach
167,317
83.1%
77.5%
84.8%
87.0%
3780 Kilroy Airport Way
Aero
Long Beach
222,191
98.1%
98.1%
98.1%
98.1%
3800 Kilroy Airport Way
Aero
Long Beach
192,476
52.0%
93.4%
55.0%
93.4%
3840 Kilroy Airport Way
Aero
Long Beach
138,903
100.0%
100.0%
100.0%
100.0%
3880 Kilroy Airport Way
Aero
Long Beach
97,246
39.0%
91.3%
47.7%
91.3%
3900 Kilroy Airport Way
Aero
Long Beach
131,372
83.8%
61.1%
93.4%
83.8%
2100/2110 Colorado Avenue
Santa Monica Media
Center
West Los Angeles
109,225
53.2%
55.4%
100.0%
55.4%
12233 W. Olympic Boulevard
Tribeca West
West Los Angeles
156,746
38.0%
47.0%
38.0%
47.8%
12100 W. Olympic Boulevard
Westside Media Center
West Los Angeles
155,679
68.7%
68.7%
68.7%
68.7%
12200 W. Olympic Boulevard
Westside Media Center
West Los Angeles
154,544
37.7%
37.7%
37.7%
37.7%
12312 W. Olympic Boulevard
Westside Media Center
West Los Angeles
78,900
100.0%
100.0%
100.0%
100.0%
335-345 N. Maple Drive *
Maple Plaza
Beverly Hills
306,366
80.4%
81.6%
84.1%
81.6%
3101-3243 S. La Cienega Boulevard
Blackwelder
Culver City
166,207
52.2%
50.8%
52.2%
52.2%
Total Los Angeles
4,246,048
72.5%
74.8%
77.2%
78.7%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q2 2026 Supplemental Report | 15
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
6/30/2026
3/31/2026
6/30/2026
3/31/2026
SEATTLE, WASHINGTON
333 Dexter Avenue North
333 Dexter
Lake Union / Denny Regrade
618,766
100.0%
100.0%
100.0%
100.0%
401 Terry Avenue North
401 Terry
Lake Union / Denny Regrade
174,530
100.0%
100.0%
100.0%
100.0%
701 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
142,820
64.0%
64.0%
64.0%
64.0%
801 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
173,615
100.0%
100.0%
100.0%
100.0%
837 N. 34th Street
Fremont Lake Union Center
Lake Union / Denny Regrade
112,487
71.3%
71.3%
100.0%
100.0%
2001 8th Avenue
West8
Lake Union / Denny Regrade
535,395
40.6%
32.3%
54.7%
44.6%
320 Westlake Avenue North
Westlake Terry
Lake Union / Denny Regrade
184,644
100.0%
100.0%
100.0%
100.0%
321 Terry Avenue North
Westlake Terry
Lake Union / Denny Regrade
135,755
100.0%
100.0%
100.0%
100.0%
601 108th Avenue NE
Key Center
Bellevue
490,738
63.3%
74.4%
64.1%
75.2%
10900 NE 4th Street
Skyline Tower
Bellevue
428,557
88.2%
88.5%
88.7%
88.7%
Total Seattle
2,997,307
78.9%
79.3%
82.7%
82.7%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q2 2026 Supplemental Report | 16
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket (2)
6/30/2026
3/31/2026
6/30/2026
3/31/2026
SAN DIEGO, CALIFORNIA
12225 El Camino Real
Carmel Valley Corporate
Center
Del Mar
58,401
100.0%
100.0%
100.0%
100.0%
12235 El Camino Real
Carmel Valley Corporate
Center
Del Mar
53,751
100.0%
100.0%
100.0%
100.0%
12400 High Bluff Drive
12400 High Bluff Drive
Del Mar
216,518
91.5%
100.0%
91.5%
100.0%
3579 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
54,960
100.0%
100.0%
100.0%
100.0%
3611 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
132,425
100.0%
100.0%
100.0%
100.0%
3661 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
124,756
34.2%
34.2%
34.2%
34.2%
3721 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
117,777
94.8%
94.8%
94.8%
94.8%
3811 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
118,912
100.0%
100.0%
100.0%
100.0%
12770 El Camino Real
One Paseo
Del Mar
75,035
100.0%
100.0%
100.0%
100.0%
12780 El Camino Real
One Paseo
Del Mar
140,591
100.0%
100.0%
100.0%
100.0%
12790 El Camino Real
One Paseo
Del Mar
87,944
100.0%
100.0%
100.0%
100.0%
12830 El Camino Real
One Paseo
Del Mar
196,444
100.0%
100.0%
100.0%
100.0%
12860 El Camino Real
One Paseo
Del Mar
92,042
100.0%
100.0%
100.0%
100.0%
3745 Paseo Place
One Paseo
Del Mar
95,871
94.1%
92.8%
96.8%
96.8%
12707 High Bluff Drive
One Paseo Junction
Del Mar
59,245
91.2%
91.2%
91.2%
91.2%
12777 High Bluff Drive
One Paseo Junction
Del Mar
44,486
100.0%
100.0%
100.0%
100.0%
12340 El Camino Real
The Caminos
Del Mar
110,950
25.9%
25.9%
25.9%
25.9%
12390 El Camino Real
The Caminos
Del Mar
73,238
100.0%
100.0%
100.0%
100.0%
2100 Kettner Boulevard
2100 Kettner
Little Italy / Point Loma
212,915
50.1%
48.5%
56.8%
56.9%
2305 Historic Decatur Road
Kilroy Liberty Station
Little Italy / Point Loma
107,456
88.3%
88.3%
88.3%
88.3%
4690 Executive Drive *
4690 Executive
University Towne Center
52,074
0.0%
0.0%
47.3%
47.3%
9455 Towne Centre Drive
9455 Towne Centre Drive
University Towne Center
160,444
100.0%
100.0%
100.0%
100.0%
9514 Towne Centre Drive
9514 Towne Centre Drive
University Towne Center
70,616
100.0%
100.0%
100.0%
100.0%
3530 John Hopkins Court *
Nautilus
Torrey Pines
45,589
100.0%
100.0%
100.0%
100.0%
3535 General Atomics Court *
Nautilus
Torrey Pines
80,543
28.1%
28.1%
28.1%
28.1%
3550 John Hopkins Court *
Nautilus
Torrey Pines
62,739
100.0%
100.0%
100.0%
100.0%
3565 General Atomics Court *
Nautilus
Torrey Pines
43,295
100.0%
100.0%
100.0%
100.0%
Total San Diego
2,689,017
84.1%
84.6%
85.6%
86.3%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
(2)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.
Kilroy Realty Q2 2026 Supplemental Report | 17
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Where Innovation Works
Stabilized Portfolio Occupancy Overview by Region, continued (1)
(unaudited)
Rentable
Square Feet
Occupied at
Leased at
Campus
Submarket
6/30/2026
3/31/2026
6/30/2026
3/31/2026
AUSTIN, TEXAS
200 W. 6th Street
Indeed Tower
Austin CBD
758,975
84.0%
83.2%
88.8%
88.8%
Total Austin
758,975
84.0%
83.2%
88.8%
88.8%
Total Stabilized Portfolio
17,128,056
77.0%
77.6%
81.5%
82.3%
Total Stabilized Portfolio Excluding KOP 2
80.8%
81.5%
83.3%
84.3%
Average Residential Occupancy
Quarter to Date
Year to Date
RESIDENTIAL PROPERTY
Campus
Submarket (2)
Total No. of Units
6/30/2026
3/31/2026
6/30/2026
SAN DIEGO, CALIFORNIA
3200 Paseo Village Way
One Paseo Living
Del Mar
608
95.6%
95.0%
95.3%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
(2)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.
Kilroy Realty Q2 2026 Supplemental Report | 18
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Where Innovation Works
Leases Executed (1)
# of Leases
Square Feet
Weighted
Average Lease
Term (Mo.)
TI/LC
Per Sq.Ft. (2)
TI/LC
Per Sq.Ft. /
Year (2)
Quarter to Date
New
Renewal
New
Renewal
Total
2nd Gen Leasing
15
13
119,082
134,530
253,612
66
$67.00
$10.14
1st Gen / Major Repositioning /
In-Process Development & Redevelopment Leasing
4
—
81,896
—
81,896
79
$272.73
$39.69
Total
19
13
200,978
134,530
335,508
# of Leases
Square Feet
Weighted
Average Lease
Term (Mo.)
TI/LC
Per Sq.Ft. (2)
TI/LC
Per Sq.Ft. /
Year (2)
Year to Date
New
Renewal
New
Renewal
Total
2nd Gen Leasing
38
24
364,444
179,006
543,450
59
$58.50
$10.70
1st Gen / Major Repositioning /
In-Process Development & Redevelopment Leasing
8
—
289,977
—
289,977
168
$307.74
$25.46
Total
46
24
654,421
179,006
833,427
Quarter to Date
Year to Date
2nd Gen Leasing Change in Rents
Changes in
GAAP Rents (3)
Changes in
Cash Rents (4)
Changes in
GAAP Rents (3)
Changes in
Cash Rents (4)
Leases Signed On Space Vacant Less Than or Equal to 12 Months
27.3%
15.6%
22.9%
10.0%
All Leases Signed
21.0%
6.1%
1.7%
(7.6)%
Retention Rate Calculations
Quarter to Date
Year to Date
Retention Rate
27.9%
24.8%
Retention Rate, including subtenants
27.9%
30.0%
Leases Signed But Not Yet Commenced (5)
Period of Estimated Lease Commencement (6)
H2 2026
H1 2027
H2 2027
2028 and Beyond
Total
Square Feet
322,692
129,094
384,494
207,572
1,043,852
Annualized Base Rent (“ABR”)
$16,877
$7,039
$28,021
$26,420
$78,357
ABR per Sq. Ft.
$52.30
$54.52
$72.88
$127.28
$75.07
Net Leases
86%
Gross Leases
14%
Total ABR
100%
________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months ended June 30, 2026, the Company signed 40,147 square
feet of short-term leases, comprised of 32,128 square feet of new leasing on vacant space and 8,019 square feet of renewal leasing. During the six months ended June 30, 2026, the Company signed 110,289 square
feet of short-term leases, comprised of 64,557 square feet of new leasing on vacant space and 45,732 square feet of renewal leasing.
(2)Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs.
(3)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(4)Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(5)Includes 773,464 square feet of new leasing on previously vacant space, 144,798 square feet of non-stabilized development leasing, and 125,590 square feet that has been backfilled or re-leased to a subtenant as of
June 30, 2026, but had not yet commenced.
(6)Represents achievement of revenue recognition for the associated lease agreements.
Kilroy Realty Q2 2026 Supplemental Report | 19
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Where Innovation Works
Stabilized Portfolio Capital Expenditures
($ in thousands)
Quarter to Date
Year to Date
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
2026
2025
Second Generation Capital Expenditures: (1)
Capital Improvements
$6,576
$2,974
$10,068
$9,529
$13,548
$9,550
$20,183
Tenant Improvements & Leasing Commissions
21,535
15,769
21,656
27,430
20,492
37,304
31,235
Total
$28,111
$18,743
$31,724
$36,959
$34,040
$46,854
$51,418
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters
16.4%
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
2026
2025
Major Repositioning Capital Expenditures: (2)
Capital Improvements
$—
$—
$60
$39
$702
$—
$795
Total
$—
$—
$60
$39
$702
$—
$795
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
2026
2025
First Generation Capital Expenditures:
Tenant Improvements & Leasing Commissions
$14,738
$8,980
$5,098
$4,268
$5,834
$23,718
$9,748
Total
$14,738
$8,980
$5,098
$4,268
$5,834
$23,718
$9,748
________________________
(1)Includes 100% of consolidated property partnerships.
(2)Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q2 2026 Supplemental Report | 20
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Where Innovation Works
Stabilized Portfolio Lease Expirations (1) (2)
($ in thousands, except for Annualized Base Rent per sq. ft.)
chart-a15469de4a9c45b2983.gif
# of Expiring Leases
32
66
78
70
70
74
26
24
21
17
28
% of Total Leased Sq. Ft.
2.6%
7.9%
10.2%
11.6%
13.3%
20.3%
10.1%
9.2%
5.5%
4.9%
4.4%
ABR (3)
$15,722
$38,087
$80,878
$79,803
$104,902
$162,034
$86,450
$70,986
$47,294
$36,991
$36,731
% of Total ABR
2.1%
5.0%
10.6%
10.5%
13.8%
21.4%
11.4%
9.3%
6.2%
4.9%
4.8%
ABR per Sq. Ft.
$46.53
$37.18
$61.06
$52.65
$60.33
$61.43
$65.39
$59.17
$65.56
$57.98
$63.54
________________________
(1)Represents all in-place leases as of June 30, 2026, excluding intercompany leases.
(2)Adjusting for leases that have been backfilled or released to a subtenant as of June 30, 2026 but not yet commenced, the 2026, 2027, and 2028 expirations would be reduced by 89,457, 9,283, and 26,850 square feet,
respectively.
(3)Includes 100% of consolidated property partnerships.
Kilroy Realty Q2 2026 Supplemental Report | 21
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Where Innovation Works
Stabilized Portfolio Lease Expirations by Region
($ in thousands, except for Annualized Base Rent per sq. ft.)
Year
Region
# of
Expiring Leases
Total
Square Feet
% of Total
Leased Sq. Ft.
Annualized
Base Rent (1)
% of Total
Annualized
Base Rent
Annualized Base
Rent per Sq. Ft.
2026
San Francisco Bay Area
5
38,806
0.3%
$2,647
0.3%
$68.21
Los Angeles
17
160,650
1.2%
7,478
1.1%
46.55
Seattle
7
129,299
1.0%
5,232
0.7%
40.46
San Diego
3
9,123
0.1%
365
—%
40.01
Austin
—
—
—%
—
—%
—
Total
32
337,878
2.6%
$15,722
2.1%
$46.53
2027
San Francisco Bay Area
6
43,676
0.4%
$1,668
0.2%
$38.19
Los Angeles
46
795,442
6.1%
27,792
3.7%
34.94
Seattle
10
126,942
1.0%
5,684
0.7%
44.78
San Diego
4
58,346
0.4%
2,943
0.4%
50.44
Austin
—
—
—%
—
—%
—
Total
66
1,024,406
7.9%
$38,087
5.0%
$37.18
2028
San Francisco Bay Area
16
858,595
6.7%
$54,149
7.1%
$63.07
Los Angeles
42
211,504
1.6%
12,616
1.7%
59.65
Seattle
7
44,923
0.3%
1,650
0.2%
36.73
San Diego
13
209,596
1.6%
12,463
1.6%
59.46
Austin
—
—
—%
—
—%
—
Total
78
1,324,618
10.2%
$80,878
10.6%
$61.06
2029
San Francisco Bay Area
17
586,832
4.5%
$32,173
4.2%
$54.82
Los Angeles
23
438,779
3.4%
22,776
3.0%
51.91
Seattle
11
232,111
1.8%
10,302
1.4%
44.38
San Diego
18
253,673
1.9%
14,317
1.9%
56.44
Austin
1
4,211
—%
235
—%
55.81
Total
70
1,515,606
11.6%
$79,803
10.5%
$52.65
2030
San Francisco Bay Area
15
842,110
6.5%
$54,815
7.2%
$65.09
Los Angeles
19
220,852
1.7%
13,064
1.7%
59.15
Seattle
9
459,089
3.5%
21,656
2.8%
47.17
San Diego
26
211,344
1.6%
14,962
2.0%
70.79
Austin
1
5,454
—%
405
0.1%
74.28
Total
70
1,738,849
13.3%
$104,902
13.8%
$60.33
2031
and
Beyond
San Francisco Bay Area
34
2,437,362
18.6%
$186,678
24.5%
$76.59
Los Angeles
59
1,164,409
8.9%
65,463
8.7%
56.22
Seattle
32
1,365,088
10.5%
60,160
7.8%
44.07
San Diego
47
1,508,823
11.6%
99,497
13.1%
65.94
Austin
18
621,301
4.8%
28,688
3.9%
46.17
Total
190
7,096,983
54.4%
$440,486
58.0%
$62.07
________________________
(1)Includes 100% of consolidated property partnerships.
Kilroy Realty Q2 2026 Supplemental Report | 22
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Where Innovation Works
 
Top 20 Tenants (1)
($ in thousands)
#
Tenant Name
Region
Annualized
Base Rental
Revenue (2)
Rentable
Square Feet
Percentage of
Total Annualized
 Base Rental
Revenue
Percentage of
Total Rentable
Square Feet
Year(s) of Significant
Lease Expiration(s) (3)
Weighted
Average
Remaining
Lease Term
(Years)
1
Global technology company
Seattle / San Diego
$44,696
849,826
5.9%
5.0%
2032 / 2033 / 2037
7.1
2
Cruise LLC
San Francisco Bay Area
35,449
374,618
4.7%
2.2%
2031
5.4
3
Stripe, Inc.
San Francisco Bay Area
33,110
425,687
4.4%
2.5%
2034
8.0
4
Adobe Systems, Inc.
San Francisco Bay Area / Seattle
27,897
537,368
3.7%
3.1%
2027 (4) / 2031
4.9
5
Salesforce, Inc.
San Francisco Bay Area / Seattle
24,706
472,016
3.3%
2.8%
2029 / 2030 / 2032
3.9
6
Okta, Inc.
San Francisco Bay Area
24,206
293,001
3.2%
1.7%
2028
2.3
7
DoorDash, Inc.
San Francisco Bay Area
23,842
236,759
3.1%
1.4%
2032
5.6
8
Netflix, Inc.
Los Angeles
21,854
361,388
2.9%
2.1%
2032
6.1
9
Cytokinetics, Inc.
San Francisco Bay Area
18,167
234,892
2.4%
1.4%
2033
7.3
10
Box, Inc.
San Francisco Bay Area
16,853
287,680
2.2%
1.7%
2028
2.0
11
DIRECTV, LLC
Los Angeles
16,085
532,956
2.1%
3.1%
2026 / 2027 (5)
1.2
12
Tandem Diabetes Care, Inc.
San Diego 
15,884
181,949
2.1%
1.1%
2035
8.8
13
Synopsys, Inc.
San Francisco Bay Area
15,492
342,891
2.0%
2.0%
2030
4.2
14
Neurocrine Biosciences, Inc.
San Diego 
14,397
273,021
1.9%
1.6%
2029 / 2031
4.7
15
Viacom International, Inc.
Los Angeles
13,718
220,330
1.8%
1.3%
2028
2.5
16
Indeed, Inc.
Austin CBD
13,430
330,394
1.8%
1.9%
2034
8.5
17
Sony Group Corporation
San Francisco Bay Area / Los Angeles
13,397
131,642
1.8%
0.8%
2030
3.7
18
Amazon.com
Seattle
12,921
283,979
1.7%
1.7%
2030
3.6
19
Nektar Therapeutics, Inc.
San Francisco Bay Area
12,297
135,974
1.6%
0.8%
2030
3.6
20
Splunk, Inc.
San Francisco Bay Area
10,323
100,850
1.4%
0.6%
2031
5.4
Total Top 20 Tenants
$408,724
6,607,221
54.0%
38.8%
5.0
 
 
 
 
________________________
(1)Includes subsidiaries of the tenant listed.
(2)The information presented is based upon Annualized Base Rent as of June 30, 2026 and includes 100% of consolidated property partnerships.
(3)Significant lease expirations include those greater than 25,000 rentable square feet.
(4)The 2027 lease expiration represents 31,409 rentable square feet that expires on June 30, 2027.
(5)The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026, and the 2027 lease expiration represents the remaining 483,701 rentable square feet that expires on September
30, 2027.
Kilroy Realty Q2 2026 Supplemental Report | 23
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Where Innovation Works
Tenant Industry Diversification (1)
Annualized Base Rent (2)
Square Feet (2)
           
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________________________
(1)Based on the North American Industry Classification System as of June 30, 2026.
(2)Includes 100% of consolidated property partnerships. Based on occupied square footage in the Stabilized Portfolio as of June 30, 2026, excluding month-to-month and intercompany leases.
Kilroy Realty Q2 2026 Supplemental Report | 24
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Where Innovation Works
2026 Acquisitions
($ in millions)
Submarket
Month of
Acquisition
Acreage
Purchase Price (1)
1st Quarter
Land
1900 Broadway (2)
Other Peninsula
February
1.1
$36.0
2nd Quarter
None
—
—
Total
1.1
$36.0
________________________
(1)Excludes acquisition-related costs and purchase price credits.
(2)During the three months ended March 31, 2026, acquired an interest in a fully-entitled land site that can support a 251,000-square-foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for
approximately 145,000 square feet, bringing the project to 58% leased. Our joint venture partner contributed $9.0 million toward the purchase of the land.
Kilroy Realty Q2 2026 Supplemental Report | 25
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Where Innovation Works
2026 Dispositions and Assets Under Contract
($ in millions)
Operating Property Dispositions
Submarket
Month of Disposition
Number of
Buildings
Rentable
Square Feet /
No. of Units
Sales Price (1)
1st Quarter
Office
Kilroy Sabre Springs (2)
I-15 Corridor
January
3
427,764
$124.5
12348 High Bluff Drive (Del Mar Tech Center)
Del Mar
March
1
39,192
21.0
Total
4
466,956
$145.5
2nd Quarter
Residential
Hollywood Residential Properties (3)
Hollywood
April
393 units
$202.0
Total Office and Residential
$347.5
Development Pipeline Under Contract (4) (5)
Submarket
Acreage
Under Contract
Anticipated
Sales Price (1)
1633 26th Street
West Los Angeles
2 acres
$41.0
Santa Fe Summit - PA1
56 Corridor
5 acres
38.0
Santa Fe Summit - PA2
56 Corridor
17 acres
86.0
Total Anticipated Proceeds
$165.0
________________________
(1)Represents actual or anticipated gross sales price before the impact of commissions, closing costs, and purchase price credits.
(2)Kilroy Sabre Springs includes the following buildings: 13480, 13500, and 13520 Evening Creek Drive North, San Diego, CA.
(3)The Hollywood Residential Properties include the 200-unit Columbia Square Living property located at 1550 N. El Centro Avenue, Los Angeles, CA and the 193-unit Jardine property located at 6390 De Longpre
Avenue, Los Angeles, CA.
(4)Subject to a purchase and sale agreement and non-refundable deposit as of the date of this filing.
(5)All development sites are anticipated to close upon receipt of residential entitlements and permits, which is expected to occur beginning in phases in late 2026.
Kilroy Realty Q2 2026 Supplemental Report | 26
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Where Innovation Works
Consolidated Ventures (Noncontrolling Property Partnerships)
(unaudited, $ in thousands)
Property
Venture Partner
Submarket
Portfolio
Rentable Square Feet
KRC Ownership % (1)
100 First Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
Stabilized
480,457
56%
303 Second Street, San Francisco, CA
Norges Bank Investment Management
San Francisco CBD
Stabilized
784,658
56%
900 Jefferson Avenue and 900 Middlefield Road,
Redwood City, CA (2)
Local developer
Other Peninsula
Stabilized
347,842
93%
1900 Broadway, Redwood City, CA
Local developer
Other Peninsula
Development
251,000
97%
Stabilized Portfolio Consolidated Venture Net Operating Income Reconciliation
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cash Operating Revenues:
Base rent
$26,906
$26,850
$53,195
$54,330
Tenant reimbursements
3,767
3,946
7,759
7,459
Other revenues (3)
36
3,284
80
2,201
Settlement and restoration fee income
—
212
—
212
Other property income (4)
533
730
1,028
1,224
Total cash operating revenues
31,242
35,022
62,062
65,426
Cash Operating Expenses:
Property expenses
6,890
7,073
13,160
13,283
Real estate taxes
2,287
2,230
4,574
4,460
Total cash operating expenses
9,177
9,303
17,734
17,743
Cash Net Operating Income
22,065
25,719
44,328
47,683
Deferred income and lease incentives, net (5)
371
371
742
742
Amortization of deferred revenue related to tenant-funded tenant improvements
431
472
872
934
Straight-line rents, net
(1,520)
(1,079)
(2,313)
(1,970)
Net Operating Income
21,347
25,483
43,629
47,389
Lease termination fees
134
10,724
268
10,858
General and administrative expenses
(9)
(9)
(18)
(9)
Leasing costs
(41)
(33)
(63)
(52)
Other expense
(1)
—
(1)
(4)
Depreciation and amortization
(7,937)
(8,432)
(15,930)
(16,554)
Net Income
$13,493
$27,733
$27,885
$41,628
KRC Share of Cash Net Operating Income (6)
$14,050
$16,752
$28,583
$31,431
________________________
(1)Reflects the KRC ownership percentage at time of agreement. For 900 Jefferson Avenue and 900 Middlefield Road, actual percentage may vary depending on cash flows or promote structure. For 1900 Broadway,
reflects expected KRC ownership percentage upon completion of development activities.
(2)For 900 Jefferson Avenue and 900 Middlefield Road, KRC and our partner receive an 8% preferred return on invested capital. Any cash flows received above that amount are shared with our partner as a 10% promote,
with the remaining proceeds distributed according to our respective ownership percentages.
(3)Primarily comprised of contractual parking income and net of revenues deemed uncollectible.
(4)Primarily comprised of transient parking income.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(6)Reflects KRC share after consolidating elimination entries.
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03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopment Projects
–Future Development Pipeline
Kilroy Oyster Point Phase 2, South San Francisco, CA
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Where Innovation Works
Stabilized Development & Redevelopment Projects
($ in millions)
% Leased
Location
Construction
Start Date
Stabilization
Date (1)
Rentable
Square Feet
Total
Estimated
Investment
Total Project %
Occupied
As of 6/30/2026
As of Filing
1st Quarter
363, 365, and 369 Oyster Point Boulevard
(Kilroy Oyster Point - Phase 2)
South San Francisco
2Q 2021
1Q 2026
871,738
$1,175
7%
49%
49%
2nd Quarter
None
—
—
—%
—%
—%
Total
871,738
$1,175
7%
49%
49%
________________________
(1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components.
Kilroy Realty Q2 2026 Supplemental Report | 29
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Where Innovation Works
In-Process Development & Redevelopment Projects
($ in millions)
% Leased
UNDER CONSTRUCTION
Location
Construction
Start Date
Estimated
Stabilization Date
Estimated
Rentable
Square Feet
Total
Estimated
Investment
Total Cash
Costs
Incurred
As of 6/30/2026
As of Filing
None
—
$—
$—
—%
—%
Total
—
$—
$—
—%
—%
Kilroy Realty Q2 2026 Supplemental Report | 30
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Where Innovation Works
Future Development Pipeline
($ in millions)
Location
Approx. Developable
Square Feet / Resi Units (1)
Total Cash Costs
Incurred as of
6/30/2026 (2)
San Francisco Bay Area
Flower Mart
San Francisco CBD
2,300,000
$683
Kilroy Oyster Point - Phases 3 and 4
South San Francisco
875,000 - 1,000,000
249
1900 Broadway (3)
Other Peninsula
251,000
66
Los Angeles
1633 26th Street (4)
West Los Angeles
190,000
16
Seattle
SIXO
Lake Union / Denny Regrade
925,000 and 650 units
197
San Diego
Santa Fe Summit (4)
56 Corridor
600,000 - 650,000
118
2045 Pacific Highway
Little Italy / Point Loma
275,000
57
Kilroy East Village
East Village
1,100 units
68
Austin
Stadium Tower
Stadium District / Domain
493,000
76
Total
$1,530
________________________
(1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy,
market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of June 30, 2026, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP.
(3)Owned in a consolidated joint venture. Project is 58% pre-leased and is anticipated to commence construction in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to
be 97%.
(4)Subject to signed purchase and sale agreements and non-refundable deposits as of the date of this filing. Refer to page 25 “2026 Dispositions and Assets Under Contract” for additional information.
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04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
Blackwelder, Culver City, CA
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Kilroy Realty Q2 2026 Supplemental Report | 32
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Where Innovation Works
Capital Structure
As of June 30, 2026
($ in thousands)
Shares /
Units
Aggregate Principal
Amount or $
Value Equivalent
% of Total
Market
Capitalization
Stated
Rate (1)
Effective
Rate (2)
Maturity Date
Unsecured Debt
Revolving Credit Facility (3)
$—
—%
4.68%
4.68%
7/31/2030
Term Loan Facility (3)
200,000
2.2%
4.79%
5.17%
7/31/2031
Private Placement Senior Notes Series B due 2026 (4)
200,000
2.2%
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
0.8%
3.45%
3.51%
2/17/2029
Private Placement Senior Notes due 2031
350,000
3.9%
4.27%
4.32%
1/31/2031
Senior Notes due 2028 (5)
400,000
4.5%
4.75%
4.87%
12/15/2028
Senior Notes due 2029
400,000
4.5%
4.25%
4.38%
8/15/2029
Senior Notes due 2030
500,000
5.5%
3.05%
3.17%
2/15/2030
Senior Notes due 2032 (5)
425,000
4.7%
2.50%
2.63%
11/15/2032
Senior Notes due 2033 (5)
450,000
5.0%
2.65%
2.73%
11/15/2033
Senior Notes due 2035
400,000
4.5%
5.88%
6.08%
10/15/2035
Senior Notes due 2036
400,000
4.5%
6.25%
6.41%
1/15/2036
$3,975,000
44.3%
4.13%
4.45%
Secured Debt (6)
100 Hooper St., San Francisco Bay Area
$146,837
1.6%
3.57%
3.81%
12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle
75,390
0.8%
4.48%
4.58%
7/1/2027
One Paseo Mixed-Use Campus, San Diego
375,000
4.3%
5.90%
6.13%
8/10/2034
$597,227
6.7%
5.15%
5.36%
Total Debt
$4,572,227
51.0%
4.26%
4.57%
Equity and Noncontrolling Interest in the Operating Partnership (7)
Common limited partnership units outstanding (8)
1,133,562
$42,475
0.5%
Shares of common stock outstanding
116,308,988
4,358,098
48.5%
Total Equity and Noncontrolling Interest in the Operating
Partnership
$4,400,573
49.0%
Total Market Capitalization
$8,972,800
100.0%
________________________
(1)The unsecured revolving credit facility and unsecured term loan facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) and a margin of 1.000% and 1.150%, respectively, based on
the Company’s credit rating, as of June 30, 2026. All other stated rates represent fixed interest rates.
(2)Includes the impact of an unused facility fee, amortization of deferred financing costs, and amortization of premiums/discounts.
(3)During the quarter ended June 30, 2026, amended and restated the terms of the unsecured revolving credit and term loan facilities increasing the borrowing capacities of the unsecured revolving credit facility from $1.10
billion to $1.25 billion and the unsecured term loan facility from $200.0 million to $250.0 million. The additional $50.0 million of term loan capacity consists of delayed-draw commitments that may be drawn upon through
June 11, 2027. In addition, the maturity date of the revolving credit facility was extended to July 31, 2030, and the maturity date of the term loan facility was extended to July 31, 2031. The unsecured revolving credit
facility has two six-month extension options available.
(4)In July, repaid the outstanding $200.0 million of 4.350% Private Placement Senior Notes Series B due October 2026, at par.
(5)Green bond.
(6)The mortgage notes are secured by the properties listed.
(7)Value based on closing share price of $37.47 as of June 30, 2026.
(8)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships.
Kilroy Realty Q2 2026 Supplemental Report | 33
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Where Innovation Works
Debt Maturities
As of June 30, 2026
($ in thousands)
chart-b6c3dad2e9fb48a98b8.gif
Total Debt (3)
$348,102
$249,125
$400,000
$475,000
$500,000
$550,000
$425,000
$450,000
$375,000
$400,000
$400,000
Weighted
Average
Stated Rate
4.02%
3.69%
4.75%
4.12%
3.05%
4.46%
2.50%
2.65%
5.90%
5.88%
6.25%
% of Total
8%
5%
9%
10%
11%
12%
9%
10%
8%
9%
9%
________________________
(1)In July, repaid the outstanding $200.0 million of 4.350% Private Placement Senior Notes Series B due October 2026, at par.
(2)As of June 30, 2026, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2030. The unsecured revolving credit facility has two six-month extension options available.
(3)Includes scheduled principal payments for amortizing loans.
Kilroy Realty Q2 2026 Supplemental Report | 34
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Where Innovation Works
   
Debt Covenants & Leverage Ratios
($ in thousands)
KEY DEBT COVENANTS (1)
Covenant
Actual Performance
as of June 30, 2026
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value
less than 60%
34%
Fixed charge coverage ratio
greater than 1.5x
3.1x
Unsecured debt ratio
greater than 1.67x
2.81x
Unencumbered asset pool debt service coverage
greater than 1.75x
3.40x
Unsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036:
Total debt to total asset value
less than 60%
35%
Interest coverage
greater than 1.5x
4.6x
Secured debt to total asset value
less than 40%
5%
Unencumbered asset pool value to unsecured debt
greater than 150%
297%
NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Total principal amount of debt
$4,572,227
$4,623,842
$4,625,442
$4,627,026
$4,628,595
Cash and cash equivalents
(253,805)
(192,904)
(179,316)
(372,416)
(193,129)
Net debt
$4,318,422
$4,430,938
$4,446,126
$4,254,610
$4,435,466
Trailing 12-months Company's Share of EBITDAre (2)(3)
$615,742
$631,178
$637,314
$660,337
$674,686
Trailing 12-months Company's Share of Adjusted EBITDAre (2)(3)
$608,217
$624,388
$630,344
$650,782
$658,562
Net Debt to Company's Share of EBITDAre Ratio
7.0x
7.0x
7.0x
6.4x
6.6x
Net Debt to Company's Share of Adjusted EBITDAre Ratio
7.1x
7.1x
7.1x
6.5x
6.7x
________________________
(1)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.
(2)Calculated as the sum of the Company's Share of EBITDAre and Adjusted EBITDAre for the trailing four quarters.
(3)Refer to page 45 for reconciliations of historical GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended March 31, 2025, December 31, 2024, and September 30, 2024.
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05
Non-GAAP
Supplemental
Measures
West8, Seattle, WA
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Management Statements on Non-GAAP Supplemental Measures
This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with
respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on July 27, 2026
and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results
of operations.
Net Operating Income:
Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics
are defined as follows:
•Net Operating Income - Consolidated operating revenues comprised of rental income and other property income, excluding lease termination fees, less
consolidated property and related expenses (property expenses, real estate taxes, and ground leases).
•Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant-
funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, the amortization of net below
market rents, and related provision for bad debts).
•Same Property Cash Net Operating Income - Cash NOI for all of the properties that were owned and included in the Company’s Stabilized Portfolio for
two comparable reporting periods.
The Company excludes lease termination fees from the calculation of rental revenue for the Company’s NOI metrics as they are non-recurring in nature and its
exclusion will provide a measure that the Company believes is more indicative of its operating performance. Other real estate investment trusts (“REITs”) may use
different methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI metrics may not be comparable to other
REITs.
The Company uses these NOI metrics to evaluate its operating performance on a portfolio basis since the NOI metrics allow the Company to evaluate the impact
that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management
believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to
other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry.
Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and
amortization, other income and expenses, impairment of real estate assets, and gains and losses, they provide performance measures that, when compared year
over year, reflect 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, disposed of, and held-for-sale properties, it highlights operating
trends on a cash basis such as occupancy levels, rental rates, and operating costs on properties.
The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they do not reflect general and
administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the
level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities
which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should
not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio.
Kilroy Realty Q2 2026 Supplemental Report | 37
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Management Statements on Non-GAAP Supplemental Measures, continued
EBITDA, EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:
The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Real Estate (“EBITDAre”) in accordance with the 2017 White
Paper on EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense,
depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on the sale of depreciable real estate and non-real estate assets, net
income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and
impairment losses (EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO,
management believes EBITDAre gives the investment community a more complete understanding of the Company’s consolidated operating results, including the
impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates
comparisons with competitors. Management also believes it is appropriate to present EBITDAre as it is used in several of the Company’s financial covenants for both
its secured and unsecured debt. However, EBITDAre should not be viewed as an alternative measure of the Company’s operating performance since it excludes
financing costs as well as depreciation and amortization costs, which are significant economic costs that could materially impact the Company’s results of operations
and liquidity. Other REITs may use different methodologies for calculating EBITDAre and, accordingly, the Company’s EBITDAre calculation may not be comparable
to those of other REITs. The Company’s Share of EBITDAre is EBITDAre less amounts attributable to noncontrolling interests in consolidated property partnerships.
The Company’s Share of Adjusted EBITDAre is the Company’s share of EBITDAre less interest income.
Net Debt to Company's Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio:
Management believes that the ratios of the principal balance of debt, less cash and cash equivalents and certificates of deposit, divided by the Company’s share of
EBITDAre as well as the Company's share of Adjusted EBITDAre are useful supplemental measures of the level of borrowed capital being used to increase the
potential return of the Company’s real estate investments and proxies for a measure management believes is used by many lenders and rating agencies to evaluate
the Company’s ability to repay and service its debt obligations. The Company believes the ratios are beneficial disclosure to investors as supplemental means of
evaluating its ability to meet obligations senior to those of the equity holders. Other REITs may use different methodologies for calculating these ratios and,
accordingly, the Company’s Net Debt to Company’s Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio may not be
comparable to those of other REITs.
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Management Statements on Non-GAAP Supplemental Measures, continued
Funds From Operations:
The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White
Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding
depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and
impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable
real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of
unconsolidated affiliates to FFO. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes
the depreciation of the related tenant improvement assets. The Company also adds back net income attributable to noncontrolling common units of the Operating
Partnership because it reports FFO attributable to common stockholders and common unitholders. 
Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the
sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity
and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of
REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly,
the Company’s FFO may not be comparable to those of other REITs.
Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over
time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of
operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real
estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance
relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP
presentations alone would provide.
FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or
the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic
costs and could materially impact the Company’s results from operations.
Funds Available for Distribution:
Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of
the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures,
amortization of deferred revenue related to tenant-funded tenant improvements, straight-line rents, net, amortization of net above (below) market rents for acquisition
properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards,
lease related adjustments (including non-cash ground rent expense beginning in Q1 2026), gains and losses on sales of non-real estate assets, and amounts
attributable to noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs
and make distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital
expenditures and leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position
as compared to other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and,
accordingly, the Company’s FAD may not be comparable to those of other REITs.
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06
Definitions &
Reconciliations
2100 Kettner, San Diego, CA
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Definitions Included in Supplemental
Annualized Base Rent:
Annualized monthly contractual base rents from existing tenants in occupancy, including the impact of the straight-lining of rent escalations and the
amortization of free rent periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements,
amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Amounts
represent percentage of total portfolio annualized contractual base rental revenue.
Capital Expenditures:
Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions.
Effective Rate:
Represents the Stated Rate, including the impact of the amortization of any premiums/discounts and debt issuance costs.
Estimated Stabilization Date (Development):
Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction
activities for office, life science, and retail properties, and the date of substantial completion for residential properties. 
FAD Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FAD.
First Generation ("1st Gen"):
Vacant space at acquisition properties and space not yet leased at recently completed Development and Redevelopment Properties that have been added to
the Stabilized Portfolio. Capital expenditures for first generation space do not include expenditures for In-Process development and Redevelopment Projects.
These costs are not subtracted in the calculation of FAD.
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre:
Calculated as Company’s Share of current period EBITDAre divided by gross interest expense (excluding amortization of deferred debt issuance costs and
debt discounts/premiums) and current year accrued preferred dividends.
FFO Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FFO attributable to common stockholders and unitholders.
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. 
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Definitions Included in Supplemental, continued
Interest Coverage Ratio:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts).
Major Repositioning:
Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re-
leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are
included in 2nd Gen Capital Expenditures.
Net Leases Types:
Represents leases where the tenant is obligated to pay a share of certain operating expenses. 
Net Operating Income Margin:
Calculated as Net Operating Income divided by total revenues.
Percentage Leased
Represents Percentage Occupied, adjusted for leases executed but have not yet achieved revenue recognition.
Percentage Occupied
Represents economic occupancy for space that has achieved revenue recognition for the associated lease agreements.
Redevelopment Properties/Projects:
Properties or projects for which the Company expects to spend significant development and construction costs pursuant to a formal plan to change its use.
Rentable Square Feet:
Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this
report are calculated based on rentable square feet at the end of the period(s) presented.
Retention Rate (Leases Executed):
Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space
renewed by existing tenants and lease expirations during the period. Excludes square footage of short-term leases.
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Definitions Included in Supplemental, continued
Retention Rate (Leases Executed Including Subtenants):
Retention rate, inclusive of leases with subtenants where the Company does not expect to experience downtime in occupancy between leases. 
Same Property Portfolio:
The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and
included in the Stabilized Portfolio as of January 1, 2025 and still owned and included in the Stabilized Portfolio as of June 30, 2026. It includes the
residential portfolio, which consists of the 608 residential units at the Company’s One Paseo mixed-use property in the Del Mar, California submarket.
Excludes undeveloped land, development and Redevelopment Properties currently committed for construction, under construction, or in the tenant
improvement phase, and properties classified as held for sale.
Same Property Portfolio Rollforward
Number of Buildings
Square Feet
Same Property Portfolio as of December 31, 2025
112
15,549,413
Stabilized Acquisition Properties Added (1)
2
103,731
Dispositions and Held for Sale (2)
(1)
(39,192)
Remeasurements
—
3,346
Same Property Portfolio as of June 30, 2026
113
15,617,298
Stabilized Development Property Excluded from Same Property
5
972,226
Stabilized Acquisition Properties Excluded from Same Property
5
538,532
Stabilized Portfolio as of June 30, 2026
123
17,128,056
________________________
(1) One Paseo Junction was added to the Same Property Portfolio in 2026.
(2) Excludes the two residential properties classified as held for sale as of March 31, 2026 and disposed of in April 2026, measured in units, as well as Kilroy Sabre Springs,
which was classified as held for sale as of December 31, 2025 and not included in the Same Property Portfolio.
Second Generation ("2nd Gen"):
Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.
Excludes leases with a lease term of less than one year. Capital expenditures for space that was vacant when the property was acquired and tenant
improvement and leasing commission capital expenditures for projects classified as Major Repositioning are captured in 2nd Gen Capital Expenditures.
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Definitions Included in Supplemental, continued
Stabilized Portfolio:
The Stabilized Portfolio includes all properties with the exception of the development and Redevelopment Properties currently committed for construction,
under construction, or in the tenant improvement phase, undeveloped land, and properties classified as held for sale.
Stabilized Portfolio Rollforward (1)
Number of Buildings
Square Feet
Stabilized Portfolio as of December 31, 2025
121
16,292,164
Stabilized Development Properties
3
871,738
Dispositions (2)
(1)
(39,192)
Remeasurements
—
3,346
Stabilized Portfolio as of June 30, 2026
123
17,128,056
________________________
(1) Excludes our residential property measured in units.
(2) Excludes Kilroy Sabre Springs, which was classified as held for sale as of December 31, 2025 and not included in the Stabilized Portfolio, and the two residential properties disposed of in April 2026,
measured in units.
Stated Rate:
The rate at which interest expense is recorded per the respective loan documents.
Straight-Line Rents, Net:
Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable
balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.
Tenant Improvement Phase:
Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building
modifications before being placed in service.
Total Debt
Represents the gross aggregate principal amount due as of June 30, 2026. Excludes unamortized deferred financing costs for the unsecured revolving credit
and term loan facilities, unsecured senior notes, and secured debt, and unamortized discounts for the unsecured senior notes.
Total Portfolio:
The Total Portfolio includes all properties, with the exception of the Development and Redevelopment Properties currently committed for construction, under
construction, or in the tenant improvement phase, and undeveloped land.
Total Portfolio
Number of Buildings
Square Feet
Stabilized Portfolio
123
17,128,056
Total Portfolio as of June 30, 2026
123
17,128,056
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Reconciliation of Net Income Available to Common Stockholders to
Same Property Cash Net Operating Income (1) 
(unaudited, $ in thousands)
 
Three Months Ended
Six Months Ended
 
6/30/2026
6/30/2025
6/30/2026
6/30/2025
Net Income Available to Common Stockholders
$19,905
$68,449
$638
$107,457
Net income available to noncontrolling common units of the Operating Partnership
193
663
8
1,038
Net income attributable to noncontrolling interests in consolidated property partnerships
4,617
10,456
9,396
14,754
Net Income
24,715
79,568
10,042
123,249
Adjustments:
Impairment of real estate assets
—
—
61,778
—
Gains on sales of depreciable operating properties
—
(16,554)
(23,525)
(16,554)
Depreciation and amortization
93,560
87,625
187,904
174,744
Interest expense
41,634
30,844
80,145
61,992
Interest income
(1,247)
(512)
(2,201)
(1,646)
Other (income) expense
248
(190)
(141)
(33)
Leasing costs
2,814
2,277
5,824
5,150
General and administrative expenses
18,933
18,475
39,632
35,376
Lease termination fees
(364)
(10,754)
(762)
(11,260)
Net Operating Income
180,293
190,779
358,696
371,018
Other (2)
68
78
137
156
Deferred settlement and restoration fee income
—
(1,689)
—
(2,026)
Amortization of net below market rents
(651)
(845)
(1,292)
(1,691)
Straight-line rents, net
1,502
3,354
801
7,967
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,315)
(3,770)
(6,533)
(7,458)
Deferred income and lease incentives, net (3)
(965)
(771)
(2,025)
(1,605)
Cash Net Operating Income
176,932
187,136
349,784
366,361
Non-Same Property Cash Net Operating Income
(718)
(13,568)
(4,928)
(27,131)
Same Property Cash Net Operating Income
$176,214
$173,568
$344,856
$339,230
________________________
(1)Based upon the Same Property Portfolio as of June 30, 2026, which was comprised of 113 properties. 
(2)Includes other non-cash amounts primarily related to ground rent expense.
(3)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
Kilroy Realty Q2 2026 Supplemental Report | 45
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Reconciliation of Historical Net Income Available to Common
Stockholders to Company’s Share of Adjusted EBITDAre 
(unaudited, $ in thousands)
 
Three Months Ended
3/31/2025
12/31/2024
9/30/2024
Net Income Available to Common Stockholders
$39,008
$59,460
$52,378
Interest expense
31,148
33,245
36,408
Depreciation and amortization
87,119
89,121
91,879
Taxes (1)
51
—
—
EBITDA
157,326
181,826
180,665
Net income attributable to noncontrolling common units of the Operating Partnership
375
593
509
Net income attributable to noncontrolling interests in consolidated property partnerships
4,298
4,981
4,786
Gain on sales of long-lived assets
—
(5,979)
—
EBITDAre
161,999
181,421
185,960
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(7,280)
(7,843)
(7,485)
Company's Share of EBITDAre
154,719
173,578
178,475
Interest income
(1,134)
(4,790)
(9,688)
Company's Share of Adjusted EBITDAre
$153,585
$168,788
$168,787
________________________
(1)Commencing in January 1, 2025, the Company began adjusting for taxes, which are included in Other income (expense) on the Company’s Consolidated Statement of Operations. EBITDA, EBITDAre, and Adjusted
EBITDAre for the periods ending December 31, 2024 and September 30, 2024, have not been conformed to our new presentation to maintain consistency with previously report financial ratios.
Kilroy Realty Q2 2026 Supplemental Report | 46
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Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)
 
Three Months Ended
Six Months Ended
 
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
GAAP Net Cash Provided by Operating Activities
$78,207
$150,695
$109,078
$176,568
$143,746
$228,902
$280,667
Adjustments:
Recurring tenant improvements, leasing commissions, and capital
expenditures
(28,111)
(18,743)
(31,724)
(36,959)
(34,040)
(46,854)
(51,418)
Depreciation of non-real estate furniture, fixtures, and equipment
(1,429)
(1,459)
(1,410)
(1,407)
(1,382)
(2,888)
(2,766)
Net changes in operating assets and liabilities (1)
42,682
(30,811)
22,819
(31,579)
9,245
11,871
6,937
Noncontrolling interests in consolidated property partnerships’ share of
FFO and FAD
(7,100)
(7,207)
(6,177)
(5,411)
(13,201)
(14,307)
(19,691)
Cash adjustments related to investing and financing activities
(623)
(1,369)
(2,052)
(273)
(479)
(1,992)
(744)
Funds Available for Distribution
$83,626
$91,106
$90,534
$100,939
$103,889
$174,732
$212,985
________________________
(1)Primarily includes changes in the following assets and liabilities: marketable securities, current receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, rents received
in advance, and tenant security deposits.  
This Supplemental Financial Report contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, among other things, information
concerning lease expirations, debt maturities, potential investments,
development and redevelopment activity, projected construction costs,
dispositions, and other forward-looking financial data. In some instances,
forward-looking statements can be identified by the use of forward-looking
terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”,
and variations of such words and similar expressions that do not relate to
historical matters. Forward-looking statements are based on Kilroy Realty
Corporation’s current expectations, beliefs, and assumptions, and are not
guarantees of future performance. Forward-looking statements are
inherently subject to uncertainties, risks, changes in circumstances, trends,
and factors that are difficult to predict, many of which are outside of Kilroy
Realty Corporation’s control. Accordingly, actual performance, results, and
events may vary materially from those indicated or implied in the forward-
looking statements, and you should not rely on the forward-looking
statements as predictions of future performance, results, or events.
Numerous factors could cause actual future performance, results, and
events to differ materially from those indicated in the forward-looking
statements, including, among others: global market and general economic
conditions, including actual and potential tariffs and periods of heightened
inflation, and their effect on us and our tenants; adverse economic or real
estate conditions generally, and specifically, in the States of California,
Texas, and Washington; risks associated with our investment in real estate
assets, which are illiquid, and with trends in the real estate industry;
defaults on or non-renewal of leases by tenants; any significant downturn
in tenants’ businesses, including bankruptcy, lack of liquidity or lack of
funding, and the impact labor disruptions or strikes, such as episodic
strikes in the media industry, may have on our tenants’ businesses; our
ability to re-lease property at or above current market rates; reduced
demand for office space, including as a result of remote working and
flexible working arrangements that allow work from remote locations other
than an employer's office premises; costs to comply with government
regulations, including environmental remediation; the availability of cash
for distribution and debt service, and exposure to risk of default under debt
obligations; increases in interest rates and our ability to manage interest
rate exposure; changes in interest rates and the availability of financing on
attractive terms or at all, which may adversely impact our future interest
expense and our ability to pursue development, redevelopment, and
acquisition opportunities and refinance existing debt; a decline in real
estate asset valuations, which may limit our ability to dispose of assets at
attractive prices, or obtain or maintain debt financing, and which may result
in write-offs or impairment charges; significant competition, which may
decrease the occupancy and rental rates of properties; potential losses
that may not be covered by insurance; the ability to successfully complete
acquisitions and dispositions on announced terms; the ability to
successfully operate acquired, developed, and Redeveloped properties;
the ability to successfully complete development and Redevelopment
projects on schedule and within budgeted amounts; delays or refusals in
obtaining all necessary zoning, land use, and other required entitlements,
governmental permits and authorizations for our development and
Redevelopment properties; increases in anticipated capital expenditures,
tenant improvement, and/or leasing costs; defaults on leases for land on
which some of our properties are located; adverse changes to, or
enactment or implementations of, tax laws or other applicable laws,
regulations, or legislation, as well as business and consumer reactions to
such changes; risks associated with joint venture investments, including
our lack of sole decision-making authority, our reliance on co-venturers'
financial condition, and disputes between us and our co-venturers;
environmental uncertainties and risks related to natural disasters; risks
associated with climate change and our sustainability strategies, and our
ability to achieve our sustainability goals; and our ability to maintain our
status as a REIT. These factors are not exhaustive and additional factors
could adversely affect our business and financial performance. For a
discussion of additional factors that could materially adversely affect Kilroy
Realty Corporation’s business and financial performance, see the factors
included under the caption “Risk Factors” in Kilroy Realty Corporation’s
annual report on Form 10-K for the year ended December 31, 2025, and
its other filings with the Securities and Exchange Commission. All forward-
looking statements are based on currently available information and speak
only as of the dates on which they are made. Kilroy Realty Corporation
assumes no obligation to update any forward-looking statement made in
this Supplemental Financial Report that becomes untrue because of
subsequent events, new information, or otherwise, except to the extent we
are required to do so in connection with our ongoing requirements under
federal securities laws.
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