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Exhibit 99.1
Kilroy Realty
Supplemental Financial Report
Q3 2026
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Kilroy Oyster Point, South San Francisco, CA
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KILROY REALTY CORPORATION REPORTS
THIRD QUARTER FINANCIAL AND OPERATIONAL RESULTS
---------------
LOS ANGELES, October 22, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial and operational results for
the third quarter ended September 30, 2026.
“Momentum in our West Coast markets continued to accelerate in the third quarter, with over 800,000 square feet of long-term leases signed, representing
one of the Company’s highest quarterly leasing volumes since 2019,” said Angela Aman, Chief Executive Officer. “The breadth of activity was particularly
notable, as we recorded sequential leased occupancy gains across all five of our regions and strong re-leasing spreads, driven by activity from a wide variety
of users and industries. Looking ahead, our high-quality portfolio, solid balance sheet, and nimble approach position us well to capitalize on the real-time
fundamental improvements we are seeing across our regions.”
Financial Results
•Revenues of $271.6 million for the quarter ended September 30, 2026, as compared to $279.7 million for the quarter ended September 30, 2025
•Net income available to common stockholders of $15.5 million, or $0.13 per diluted share, for the quarter ended September 30, 2026, as compared
to $156.2 million, or $1.31 per diluted share, for the quarter ended September 30, 2025
•Funds from operations (“FFO”) of $104.6 million, or $0.88 per diluted share, for the quarter ended September 30, 2026, as compared to $130.6
million, or $1.08 per diluted share, for the quarter ended September 30, 2025
Leasing and Occupancy
•Stabilized Portfolio was 76.9% occupied and 83.0% leased at September 30, 2026, representing 610 basis points of leases signed but not yet
commenced
◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 80.7% occupied and 84.8% leased at September 30, 2026,
representing 410 basis points of leases signed but not yet commenced
•During the quarter, signed approximately 815,000 square feet of leases
◦Leasing activity was comprised of 345,000 square feet of new leasing on previously vacant space, 127,000 square feet of new leasing on
currently occupied space, and 343,000 square feet of renewal leasing
▪Renewal leasing included a 12-year, approximately 243,000 square-foot renewal at Crossing 900 with Box, Inc., a leading content
management company
▪Leasing activity during the quarter included approximately 12,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter increased 30.6% and 9.7%, 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
37.9% and 13.9%, respectively
Land Site Under Contract
•In August, entered into an agreement, subject to a non-refundable deposit, to sell the land at Kilroy East Village in San Diego for $19.5 million in
gross sales proceeds. The transaction is anticipated to close during the fourth quarter
Balance Sheet / Liquidity
•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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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 October 14, 2026 to stockholders of record on September 30, 2026 (the ex-dividend date)
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Net Income Available to Common Stockholders / FFO Guidance
The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.55 to $3.59 per diluted share, from the previous range of $3.49
to $3.63. The table below reflects key assumptions for 2026 guidance.
Key Assumptions
July 2026 Assumptions
Current Assumptions
Average full year occupancy
76.50% to 78.00%
77.00% to 77.50%
Average full year occupancy excluding KOP 2
80.50% to 81.50%
80.75% to 81.25%
Same Property Cash Net Operating Income (“NOI”) growth (1)
0.25% to 1.25%
0.75% to 1.00%
NOI from Development Properties (2)
$(22.5) to $(24.0) million
+/- $(21.0) million
Non-Cash GAAP NOI adjustments (1) (3)
$13.0 to $15.0 million
$13.0 to $14.0 million
GAAP lease termination fee income
$3.0 to $4.5 million
$1.1 to $1.5 million
General and administrative and Leasing costs
$(87.5) to $(89.5) million
$(89.5) to $(90.5) million
Interest income
$2.0 to $3.0 million
+/- $3.0 million
Gross interest expense
$(208.0) to $(209.5) million
$(207.5) to $(208.5) million
Capitalized interest (4)
$48.5 to $49.5 million
$49.0 to $49.5 million
Total development spending (5)
+/- $150.0 million
+/- $150.0 million
Operating property dispositions
$347.5 to $500.0 million
$347.5 to $500.0 million
Full Year 2026 Range
as of July 2026
Full Year 2026 Range
as of October 2026
Low End
High End
Low End
High End
$ and shares/units in thousands, except per share/unit amounts
Net income available to common stockholders per share - diluted
$0.08
$0.22
$0.23
$0.27
Weighted average common shares outstanding - diluted (6)
118,100
118,100
117,500
117,500
Net income available to common stockholders
$9,055
$25,743
$26,607
$31,375
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership
300
300
300
300
Net income attributable to noncontrolling interests in consolidated property partnerships
17,000
17,000
17,000
17,000
Depreciation and amortization of real estate assets
379,400
379,400
369,000
369,000
Gain on sale of depreciable operating property
(23,525)
(23,525)
(23,525)
(23,525)
Impairment of real estate assets
61,778
61,778
61,778
61,778
Funds From Operations attributable to noncontrolling interests in consolidated property
partnerships
(28,000)
(28,000)
(28,000)
(28,000)
Funds From Operations (1)
$416,008
$432,696
$423,160
$427,928
Weighted average common shares/units outstanding – diluted (7)
119,200
119,200
119,200
119,200
Nareit Funds From Operations per common share/unit – diluted (1)
$3.49
$3.63
$3.55
$3.59
________________________
(1)For additional information, please refer to pages 36-38 “Management Statements on Non-GAAP Supplemental Measures”.
(2)NOI from Development Properties is primarily attributable to the Company’s KOP 2 project. 2026 guidance assumes the continued capitalization of the Company’s Flower Mart project through year end.
(3)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.
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(4)2026 capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through year end.
(5)Total development spending includes recently stabilized, in-process, and future development projects.
(6)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(7)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of
all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and
FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including
assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance
estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of
any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ
materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss third quarter results and the current business environment during the Company’s October 23, 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/810842787?pwd=5kxxJfrm. Those interested in listening via the Internet can access the
conference call at https://events.q4inc.com/attendee/810842787. 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)
–EBITDAre and Adjusted EBITDAre
The Post at Indeed Tower, Austin, TX
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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 September 30, 2026
123
17.1M
buildings
square feet
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76.9%
83.0%
occupied
leased
610 bps
815
leased but not
yet occupied
thousand square feet
of leases executed in
3Q 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
John N. Perry
SVP, Investor Relations and Capital Markets
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
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 and Interim Chief
Financial Officer and Treasurer
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 Q3 2026 Supplemental Report | 3
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Financial Highlights
(unaudited, $ in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
 
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
INCOME STATEMENT ITEMS:
Revenues
$271,604
$272,371
$270,053
$272,187
$279,744
$814,028
$840,480
Lease Termination Fees
315
364
398
1,541
309
1,077
11,569
Capitalized Interest and Debt Costs
11,867
11,632
13,991
20,632
22,574
37,490
64,455
Capitalized Internal Overhead Costs (1)
3,702
3,852
3,977
4,120
4,682
11,531
13,123
Other Capitalized Development Costs (2)
2,437
1,554
3,190
6,382
7,353
7,181
17,832
Non-Cash Amortization of Share-Based Compensation Awards
3,229
3,079
4,869
5,145
5,436
11,177
13,945
EARNINGS METRICS:
Net Income (Loss) Available to Common Stockholders
$15,506
$19,905
$(19,267)
$12,444
$156,220
$16,144
$263,677
Net Operating Income (3)
173,180
180,293
178,403
176,426
188,775
531,876
559,793
EBITDAre (4)
152,963
159,986
156,406
158,139
171,561
469,355
515,060
Company's Share of EBITDAre (4)
145,590
152,478
148,583
150,555
164,126
446,651
486,759
Company's Share of Adjusted EBITDAre (4)
144,970
151,231
147,629
148,350
161,007
443,830
481,994
Funds From Operations (5)
104,633
109,338
108,846
117,158
130,561
322,817
388,762
Funds Available for Distribution (5)
62,806
83,626
91,106
90,534
100,939
237,538
313,924
PER SHARE INFORMATION (6):
Net income (loss) available to common stockholders per share –
diluted
$0.13
$0.17
$(0.16)
$0.10
$1.31
$0.14
$2.21
Funds From Operations per common share/unit – diluted (5)
0.88
0.92
0.91
0.97
1.08
2.71
3.23
Dividends declared per common share
0.54
0.54
0.54
0.54
0.54
1.62
1.62
RATIOS (7):
Net Operating Income Margin
63.8%
66.2%
66.1%
64.8%
67.5%
65.3%
66.6%
Net Debt to Company's Share of EBITDAre Ratio (4)
7.2x
7.0x
7.0x
7.0x
6.4x
N/A
N/A
Net Debt to Company's Share of Adjusted EBITDAre Ratio (4)
7.3x
7.1x
7.1x
7.1x
6.5x
N/A
N/A
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (4)
3.0x
3.1x
3.0x
3.0x
3.2x
3.0x
3.2x
FFO / FAD Payout Ratio (5)
60.6% / 101.0%
58.0% / 75.8%
58.3% / 69.6%
55.1% / 71.3%
49.4% / 63.9%
58.9% / 80.1%
49.8% / 61.6%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage
76.9%
77.0%
77.6%
81.6%
81.0%
76.9%
81.0%
Period End Leased Percentage
83.0%
81.5%
82.3%
83.8%
83.3%
83.0%
83.3%
Period End Occupancy Percentage excluding KOP 2
80.7%
80.8%
81.5%
N/A
N/A
80.7%
N/A
Period End Leased Percentage excluding KOP 2
84.8%
83.3%
84.3%
N/A
N/A
84.8%
N/A
Average Occupancy
76.8%
77.6%
77.4%
80.9%
80.7%
77.3%
81.0%
Average Occupancy excluding KOP 2
80.5%
81.4%
81.4%
N/A
N/A
81.1%
N/A
Lease Composition (Net / Gross) (8)
54% / 46%
53% / 47%
52% / 48%
52% / 48%
50% / 50%
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 period amounts, except Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre Ratios, which are calculated on a trailing 12-month basis. Refer to page 34 for additional
information. 
(8)Based on 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)
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
ASSETS:
Land
$1,730,514
$1,730,514
$1,730,514
$1,641,913
$1,661,679
Buildings and improvements
9,103,217
9,051,287
9,011,023
8,505,486
8,658,236
Undeveloped land and construction in progress
1,627,372
1,602,626
1,585,042
2,387,742
2,355,181
Total real estate assets held for investment
12,461,103
12,384,427
12,326,579
12,535,141
12,675,096
Accumulated depreciation and amortization
(3,014,889)
(2,936,240)
(2,857,265)
(2,843,811)
(2,952,576)
Total real estate assets held for investment, net
9,446,214
9,448,187
9,469,314
9,691,330
9,722,520
Real estate and other assets held for sale, net
—
—
188,771
115,155
—
Cash and cash equivalents
94,301
253,805
192,904
179,316
372,416
Restricted cash
250
—
—
—
—
Marketable securities
34,025
34,990
31,417
30,807
33,569
Current receivables, net
16,818
12,184
15,712
12,765
13,191
Deferred rent receivables, net
420,433
423,968
425,420
424,794
436,886
Deferred leasing costs and acquisition-related intangible assets, net
272,405
264,033
271,213
278,232
229,175
Right of use ground lease assets, net
127,261
127,548
127,834
128,116
128,396
Prepaid expenses and other assets, net
64,065
67,233
52,273
54,561
56,046
Total Assets
$10,475,772
$10,631,948
$10,774,858
$10,915,076
$10,992,199
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net
$588,777
$590,095
$591,398
$592,685
$593,956
Unsecured debt, net
3,748,263
3,947,034
3,997,993
3,996,774
3,995,555
Unsecured line of credit
40,000
—
—
—
—
Accounts payable, accrued expenses, and other liabilities
309,288
260,644
303,808
288,963
321,188
Ground lease liabilities
126,979
127,198
127,414
127,628
127,830
Accrued dividends and distributions
63,430
63,422
63,421
65,009
64,996
Deferred revenue and acquisition-related intangible liabilities, net
112,854
117,845
122,272
125,628
127,931
Rents received in advance and tenant security deposits
82,705
77,736
79,638
75,701
74,888
Liabilities related to real estate assets held for sale
—
—
—
4,945
—
Total liabilities
5,072,296
5,183,974
5,285,944
5,277,333
5,306,344
Equity:
Stockholders’ Equity
Common stock
1,163
1,163
1,163
1,184
1,183
Additional paid-in capital
5,171,034
5,166,167
5,161,140
5,230,747
5,223,369
Retained earnings
10,558
58,881
102,859
188,876
240,810
Total stockholders’ equity
5,182,755
5,226,211
5,265,162
5,420,807
5,465,362
Noncontrolling Interests
Common units of the Operating Partnership
50,512
50,935
51,328
51,911
53,154
Consolidated property partnerships
170,209
170,828
172,424
165,025
167,339
Total noncontrolling interests
220,721
221,763
223,752
216,936
220,493
Total equity
5,403,476
5,447,974
5,488,914
5,637,743
5,685,855
Total Liabilities And Equity
$10,475,772
$10,631,948
$10,774,858
$10,915,076
$10,992,199
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Consolidated Statements of Operations
(unaudited, $ and shares in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
Revenues
Rental income
$266,750
$268,321
$265,330
$267,363
$274,909
$800,401
$826,224
Other property income
4,854
4,050
4,723
4,824
4,835
13,627
14,256
Total revenues
271,604
272,371
270,053
272,187
279,744
814,028
840,480
Expenses
Property expenses
64,639
60,134
59,283
64,673
61,764
184,056
179,053
Real estate taxes
30,253
28,302
28,782
26,556
25,878
87,337
81,008
Ground leases
3,217
3,278
3,187
2,991
3,018
9,682
9,057
General and administrative expenses
18,408
18,933
20,699
19,485
18,247
58,040
53,623
Leasing costs
2,980
2,814
3,010
2,592
2,610
8,804
7,760
Depreciation and amortization
93,165
93,560
94,344
92,623
87,487
281,069
262,231
Total expenses
212,662
207,021
209,305
208,920
199,004
628,988
592,732
Other Income (Expenses)
Interest income
620
1,247
954
2,205
3,119
2,821
4,765
Interest expense
(39,376)
(41,634)
(38,511)
(32,148)
(32,152)
(119,521)
(94,144)
Other income (expense)
O
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h
e
r
i
n
c
o
m
e
(
e
x
p
e
n
s
e
)
83
(248)
389
44
91
224
124
Gains on sales of depreciable operating properties
G
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n
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a
l
e
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o
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e
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p
e
r
t
i
e
s
—
—
23,525
—
110,484
G
a
i
n
s
o
n
s
a
l
e
s
o
f
d
e
p
r
e
c
i
a
b
l
e
o
p
e
r
a
t
i
n
g
p
r
o
p
e
r
t
i
e
s
23,525
G
a
i
n
s
o
n
s
a
l
e
s
o
f
d
e
p
r
e
c
i
a
b
l
e
o
p
e
r
a
t
i
n
g
p
r
o
p
e
r
t
i
e
s
127,038
Impairment of real estate assets (1)
—
—
(61,778)
(16,259)
—
(61,778)
—
Total other (expenses) income
(38,673)
(40,635)
(75,421)
(46,158)
81,542
(154,729)
37,783
Net Income (Loss)
20,269
24,715
(14,673)
17,109
162,282
30,311
285,531
Net (income) loss attributable to noncontrolling common units of the
Operating Partnership
(151)
(193)
185
(120)
(1,524)
(159)
(2,562)
Net income attributable to noncontrolling interests in consolidated
property partnerships
(4,612)
(4,617)
(4,779)
(4,545)
(4,538)
(14,008)
(19,292)
Total net income attributable to noncontrolling interests
(4,763)
(4,810)
(4,594)
(4,665)
(6,062)
(14,167)
(21,854)
Net Income (Loss) Available To Common Stockholders
$15,506
$19,905
$(19,267)
$12,444
$156,220
$16,144
$263,677
Weighted average common shares outstanding – basic
116,309
116,292
117,637
118,338
118,296
116,741
118,259
Weighted average common shares outstanding – diluted
117,240
117,063
117,637
119,153
118,822
117,544
118,724
Net Income (Loss) Available To Common Stockholders Per Share
Net income (loss) available to common stockholders per share – basic
$0.13
$0.17
$(0.16)
$0.10
$1.32
$0.14
$2.22
Net income (loss) available to common stockholders per share – diluted
$0.13
$0.17
$(0.16)
$0.10
$1.31
$0.14
$2.21
________________________
(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 Q3 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
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
FUNDS FROM OPERATIONS:
Net income (loss) available to common stockholders
$15,506
$19,905
$(19,267)
$12,444
$156,220
$16,144
$263,677
Adjustments:
Net income (loss) attributable to noncontrolling common units of the Operating
Partnership
151
193
(185)
120
1,524
159
2,562
Net income attributable to noncontrolling interests in consolidated property
partnerships
4,612
4,617
4,779
4,545
4,538
14,008
19,292
Depreciation and amortization of real estate assets
91,737
92,131
92,885
91,213
86,080
276,753
258,058
Gains on sales of depreciable operating properties
—
—
(23,525)
—
(110,484)
(23,525)
(127,038)
Impairment of real estate assets
—
—
61,778
16,259
—
61,778
—
Funds From Operations attributable to noncontrolling interests in consolidated
property partnerships
(7,373)
(7,508)
(7,619)
(7,423)
(7,317)
(22,500)
(27,789)
Funds From Operations
$104,633
$109,338
$108,846
$117,158
$130,561
$322,817
$388,762
Weighted average common shares/units outstanding – basic (1)
117,978
117,956
119,251
119,869
119,870
118,390
119,823
Weighted average common shares/units outstanding – diluted (1)
118,910
118,726
119,957
120,684
120,397
119,193
120,288
FFO per common share/unit – basic (2)
$0.89
$0.93
$0.91
$0.98
$1.09
$2.73
$3.24
FFO per common share/unit – diluted (2)
$0.88
$0.92
$0.91
$0.97
$1.08
$2.71
$3.23
FUNDS AVAILABLE FOR DISTRIBUTION:
Funds From Operations
$104,633
$109,338
$108,846
$117,158
$130,561
$322,817
$388,762
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures
(47,038)
(28,111)
(18,743)
(31,724)
(36,959)
(93,892)
(88,377)
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,353)
(3,315)
(3,218)
(3,547)
(3,639)
(9,886)
(11,097)
Straight-line rents, net
2,832
1,502
(701)
2,358
1,303
3,633
9,270
Amortization of net below market rents
(682)
(651)
(641)
(624)
(764)
(1,974)
(2,455)
Amortization of deferred financing costs and net debt discount/premium
1,867
2,637
1,662
1,162
1,218
6,166
3,615
Non-cash amortization of share-based compensation awards
3,229
3,079
4,869
5,145
5,436
11,177
13,945
Lease related adjustments and other (3)
(818)
(1,261)
(1,380)
(640)
1,877
(3,459)
(2,426)
Adjustments attributable to noncontrolling interests in consolidated property
partnerships
2,136
408
412
1,246
1,906
2,956
2,687
Funds Available for Distribution
$62,806
$83,626
$91,106
$90,534
$100,939
$237,538
$313,924
________________________
(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, and deferred lease termination fee income. Includes non-cash ground rent expense beginning in Q1 2026.
Kilroy Realty Q3 2026 Supplemental Report | 7
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Where Innovation Works
Supplemental Income Statement Detail
(unaudited, $ in thousands)
Three Months Ended
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
Revenues
Income Statement Category
*
Base rent
Rental income
$195,695
$195,445
$193,622
$197,081
$201,633
$584,762
$606,228
*
Tenant reimbursements
Rental income
52,936
46,994
46,527
47,779
51,867
146,457
146,215
*
Other revenues (1)
Rental income
14,878
15,951
18,417
18,442
16,656
49,246
52,253
Deferred income and lease incentives, net (2)
Rental income
614
965
1,060
257
707
2,639
2,312
Amortization of deferred revenue related to
tenant-funded tenant improvements
Rental income
3,353
3,315
3,218
3,547
3,639
9,886
11,097
Straight-line rents, net
Rental income
(2,832)
(1,502)
701
(2,358)
(1,303)
(3,633)
(9,270)
Amortization of net below market rents
Rental income
682
651
641
624
764
1,974
2,455
*
Settlement and restoration fee income
Rental income
1,109
6,138
746
450
2,663
7,993
3,365
Deferred settlement and restoration fee income
Rental income
—
—
—
—
(2,026)
—
—
Cash lease termination fee income
Rental income
42
—
9
1,158
867
51
11,455
Deferred lease termination fee income
Rental income
273
364
389
383
(558)
1,026
114
*
Other property income (3)
Other property income
4,854
4,050
4,723
4,824
4,835
13,627
14,256
Total Revenues
$271,604
$272,371
$270,053
$272,187
$279,744
$814,028
$840,480
________________________
*      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 Q3 2026 Supplemental Report | 8
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Where Innovation Works
Net Operating Income
(unaudited, $ in thousands)
Three Months Ended
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
Cash Operating Revenues:
Base rent
$195,695
$195,445
$193,622
$197,081
$201,633
$584,762
$606,228
Tenant reimbursements
52,936
46,994
46,527
47,779
51,867
146,457
146,215
Other revenues (1)
14,878
15,951
18,417
18,442
16,656
49,246
52,253
Settlement and restoration fee income
1,109
6,138
746
450
2,663
7,993
3,365
Other property income (2)
4,854
4,050
4,723
4,824
4,835
13,627
14,256
Total cash operating revenues
269,472
268,578
264,035
268,576
277,654
802,085
822,317
Cash Operating Expenses:
Property expenses
64,639
60,134
59,283
64,673
61,764
184,056
179,053
Real estate taxes
30,253
28,302
28,782
26,556
25,878
87,337
81,008
Ground leases
3,148
3,210
3,118
2,913
2,940
9,476
8,823
Total cash operating expenses
98,040
91,646
91,183
94,142
90,582
280,869
268,884
Cash Net Operating Income (3)
171,432
176,932
172,852
174,434
187,072
521,216
553,433
Deferred income and lease incentives, net (4)
614
965
1,060
257
707
2,639
2,312
Amortization of deferred revenue related to tenant-funded tenant improvements
3,353
3,315
3,218
3,547
3,639
9,886
11,097
Straight-line rents, net
(2,832)
(1,502)
701
(2,358)
(1,303)
(3,633)
(9,270)
Amortization of net below market rents
682
651
641
624
764
1,974
2,455
Deferred settlement and restoration fee income
—
—
—
—
(2,026)
—
—
Other (5)
(69)
(68)
(69)
(78)
(78)
(206)
(234)
Net Operating Income (3)
173,180
180,293
178,403
176,426
188,775
531,876
559,793
Lease termination fees
315
364
398
1,541
309
1,077
11,569
General and administrative expenses
(18,408)
(18,933)
(20,699)
(19,485)
(18,247)
(58,040)
(53,623)
Leasing costs
(2,980)
(2,814)
(3,010)
(2,592)
(2,610)
(8,804)
(7,760)
Other income (expense)
83
(248)
389
44
91
224
124
Interest income
620
1,247
954
2,205
3,119
2,821
4,765
Interest expense
(39,376)
(41,634)
(38,511)
(32,148)
(32,152)
(119,521)
(94,144)
Depreciation and amortization
(93,165)
(93,560)
(94,344)
(92,623)
(87,487)
(281,069)
(262,231)
Gains on sales of depreciable operating properties
—
—
23,525
—
110,484
23,525
127,038
Impairment of real estate assets
—
—
(61,778)
(16,259)
—
(61,778)
—
Net Income (Loss)
$20,269
$24,715
$(14,673)
$17,109
$162,282
$30,311
$285,531
________________________
(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 Q3 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 September 30,
Nine Months Ended September 30,
2026
2025
% Contribution
2026
2025
% Contribution
Total Same Property Portfolio
Number of properties
113
113
Square Feet
15,635,655
15,635,655
Average Occupancy (1)
81.2%
81.6%
81.7%
81.5%
Percent of Stabilized Portfolio
91.2%
91.2%
Cash Operating Revenues:
Base rent
$187,622
$185,885
1.0%
$560,043
$558,602
0.3%
Tenant reimbursements
50,094
49,148
0.5%
139,041
137,700
0.3%
Other revenues (2)
14,621
12,289
1.3%
42,564
38,490
0.8%
Settlement and restoration fee income
1,108
2,663
(0.9)%
7,971
3,365
0.9%
Other property income (3)
4,235
4,124
0.1%
11,834
12,058
—%
Total cash operating revenues
257,680
254,109
2.0%
761,453
750,215
2.3%
Cash Operating Expenses:
Property expenses
58,619
55,019
(2.1)%
164,730
158,824
(1.2)%
Real estate taxes
25,296
23,011
(1.3)%
71,774
70,199
(0.3)%
Ground leases
3,147
2,940
(0.1)%
9,475
8,823
(0.1)%
Total cash operating expenses
87,062
80,970
(3.5)%
245,979
237,846
(1.6)%
Cash Net Operating Income (4) (5) (6)
$170,618
$173,139
(1.5)%
$515,474
$512,369
0.7%
________________________
(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 September 30, 2026 and 2025, Same Property Cash Net Operating Income from our One Paseo Living residential property represented 2.9% and 3.0% of total Same Property Cash Net
Operating Income, respectively. For the nine months ended September 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.
Kilroy Realty Q3 2026 Supplemental Report | 10
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Where Innovation Works
EBITDAre and Adjusted EBITDAre
(unaudited, $ in thousands)
Three Months Ended
Nine Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
Net Income (Loss)
$20,269
$24,715
$(14,673)
$17,109
$162,282
$30,311
$285,531
Interest expense
39,376
41,634
38,511
32,148
32,152
119,521
94,144
Depreciation and amortization
93,165
93,560
94,344
92,623
87,487
281,069
262,231
Taxes
153
77
(29)
—
124
201
192
Gains on sales of depreciable operating properties
—
—
(23,525)
—
(110,484)
(23,525)
(127,038)
Impairment of real estate assets
—
—
61,778
16,259
—
61,778
—
EBITDAre
152,963
159,986
156,406
158,139
171,561
469,355
515,060
EBITDAre attributable to noncontrolling interests in
consolidated property partnerships
(7,373)
(7,508)
(7,823)
(7,584)
(7,435)
(22,704)
(28,301)
Company's Share of EBITDAre
145,590
152,478
148,583
150,555
164,126
446,651
486,759
Interest income
(620)
(1,247)
(954)
(2,205)
(3,119)
(2,821)
(4,765)
Company's Share of Adjusted EBITDAre
$144,970
$151,231
$147,629
$148,350
$161,007
$443,830
$481,994
a2501112_laxmapleplazaxsha.jpg
02
Portfolio Data
–Stabilized Portfolio Occupancy Overview by Region
–Leases Executed
–Stabilized Portfolio Capital Expenditures
–Stabilized Portfolio Lease Expirations
–Top 20 Tenants
–Tenant Industry Diversification
–2026 Acquisitions
–2026 Dispositions and Assets Under Contract
–Consolidated Ventures (Noncontrolling Property Partnerships)
Maple Plaza, Beverly Hills, CA
kilroy_logoxredxrgb.jpg
Kilroy Realty Q3 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 %
9/30/2026
6/30/2026
9/30/2026
6/30/2026
SAN FRANCISCO BAY AREA
San Francisco CBD
25.6%
19.9%
3,410,022
81.2%
81.3%
81.3%
82.0%
South San Francisco (3)
7.9%
9.8%
1,677,847
48.0%
47.9%
73.5%
69.5%
Other Peninsula
5.8%
4.3%
745,127
89.2%
89.4%
95.4%
89.4%
Silicon Valley
5.0%
3.6%
622,640
100.0%
100.0%
100.0%
100.0%
Total San Francisco Bay Area
44.3%
37.6%
6,455,636
75.3%
75.3%
82.7%
81.3%
LOS ANGELES
El Segundo
2.8%
6.4%
1,103,595
66.0%
65.4%
66.5%
65.8%
Hollywood / West Hollywood
7.4%
6.2%
1,057,790
85.9%
86.1%
95.6%
95.6%
Long Beach
2.6%
5.6%
957,063
77.2%
78.5%
84.0%
81.6%
West Los Angeles
1.3%
3.8%
655,094
56.0%
55.2%
63.8%
63.0%
Beverly Hills
1.8%
1.8%
306,366
74.9%
80.4%
86.8%
84.1%
Culver City
0.2%
1.0%
166,207
56.2%
52.2%
60.3%
52.2%
Total Los Angeles
16.1%
24.8%
4,246,115
72.2%
72.5%
78.5%
77.2%
SEATTLE
Lake Union / Denny Regrade
11.4%
12.1%
2,078,012
81.2%
80.7%
86.8%
85.9%
Bellevue
5.7%
5.4%
919,295
75.5%
74.9%
80.7%
75.6%
Total Seattle
17.1%
17.5%
2,997,307
79.5%
78.9%
84.9%
82.7%
SAN DIEGO
Del Mar
13.1%
10.7%
1,853,360
88.3%
89.2%
90.5%
89.4%
Little Italy / Point Loma
0.8%
1.9%
320,371
62.9%
62.9%
69.8%
67.3%
University Towne Center
1.8%
1.7%
283,134
81.6%
81.6%
90.3%
90.3%
Torrey Pines
1.7%
1.4%
232,166
75.1%
75.1%
75.1%
75.1%
Total San Diego
17.4%
15.7%
2,689,031
83.4%
84.1%
86.7%
85.6%
AUSTIN
Austin CBD
5.1%
4.4%
758,975
84.0%
84.0%
90.4%
88.8%
Total Austin
5.1%
4.4%
758,975
84.0%
84.0%
90.4%
88.8%
Total Stabilized Portfolio
100.0%
100.0%
17,147,064
76.9%
77.0%
83.0%
81.5%
Total Stabilized Portfolio Excluding KOP 2
80.7%
80.8%
84.8%
83.3%
Average Occupancy (4)
Quarter to Date
Quarter to Date (Excluding KOP 2)
Year to Date
Year to Date (Excluding KOP 2)
76.8%
80.5%
77.3%
81.1%
________________________
(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 Q3 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
9/30/2026
6/30/2026
9/30/2026
6/30/2026
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
88.2%
92.2%
88.3%
92.2%
201 Third Street
201 Third Street
San Francisco CBD
355,960
89.8%
86.4%
89.8%
90.7%
303 Second Street
303 Second Street
San Francisco CBD
784,658
63.7%
63.1%
64.0%
64.0%
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%
45.7%
45.7%
45.7%
250 Brannan Street
250 Brannan
San Francisco CBD
100,850
100.0%
100.0%
100.0%
100.0%
301 Brannan Street
301 Brannan
San Francisco CBD
82,834
100.0%
100.0%
100.0%
100.0%
333 Brannan Street
333 / 345 Brannan
San Francisco CBD
185,602
100.0%
100.0%
100.0%
100.0%
345 Brannan Street
333 / 345 Brannan
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
23.5%
22.9%
53.6%
53.0%
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%
100.0%
0.0%
900 Jefferson Avenue
Crossing 900
Other Peninsula
237,139
100.0%
100.0%
100.0%
100.0%
900 Middlefield Road
Crossing 900
Other Peninsula
122,134
98.2%
100.0%
98.2%
100.0%
4100 Bohannon Drive
Menlo Corporate Center
Other Peninsula
48,645
100.0%
100.0%
100.0%
100.0%
4200 Bohannon Drive
Menlo Corporate Center
Other Peninsula
44,081
48.6%
48.9%
48.6%
48.9%
4300 Bohannon Drive
Menlo Corporate Center
Other Peninsula
64,905
85.2%
85.3%
85.2%
85.3%
4400 Bohannon Drive *
Menlo Corporate Center
Other Peninsula
49,065
6.3%
6.3%
100.0%
6.3%
4500 Bohannon Drive
Menlo Corporate Center
Other Peninsula
64,139
100.0%
100.0%
100.0%
100.0%
4600 Bohannon Drive
Menlo Corporate Center
Other Peninsula
49,863
100.0%
100.0%
100.0%
100.0%
4700 Bohannon Drive
Menlo Corporate Center
Other Peninsula
65,156
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
6,455,636
75.3%
75.3%
82.7%
81.3%
________________________
*      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.
Kilroy Realty Q3 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
9/30/2026
6/30/2026
9/30/2026
6/30/2026
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
67.3%
66.4%
69.4%
68.3%
999 N. Pacific Coast Highway
The Nines
El Segundo
138,389
21.3%
18.3%
21.3%
18.3%
1500 N. El Centro Avenue
Columbia Square
Hollywood / West Hollywood
113,447
63.6%
63.6%
63.6%
63.6%
1525 N. Gower Street
Columbia Square
Hollywood / West Hollywood
9,610
100.0%
100.0%
100.0%
100.0%
1575 N. Gower Street
Columbia Square
Hollywood / West Hollywood
264,430
100.0%
100.0%
100.0%
100.0%
6115 W. Sunset Boulevard
Columbia Square
Hollywood / West Hollywood
26,237
73.4%
73.4%
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
97.0%
98.9%
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
7,558
100.0%
100.0%
100.0%
100.0%
3760 Kilroy Airport Way
Aero
Long Beach
167,317
84.8%
83.1%
100.0%
84.8%
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%
52.0%
61.5%
55.0%
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%
39.0%
47.7%
47.7%
3900 Kilroy Airport Way
Aero
Long Beach
131,372
72.2%
83.8%
81.9%
93.4%
2100/2110 Colorado Avenue
Santa Monica Media
Center
West Los Angeles
109,225
53.2%
53.2%
100.0%
100.0%
12233 W. Olympic Boulevard
Tribeca West
West Los Angeles
156,746
41.3%
38.0%
41.3%
38.0%
12100 W. Olympic Boulevard
Westside Media Center
West Los Angeles
155,679
68.7%
68.7%
68.7%
68.7%
12200 W. Olympic Boulevard
Westside Media Center
West Los Angeles
154,544
37.7%
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
74.9%
80.4%
86.8%
84.1%
3101-3243 S. La Cienega Boulevard
Blackwelder
Culver City
166,207
56.2%
52.2%
60.3%
52.2%
Total Los Angeles
4,246,115
72.2%
72.5%
78.5%
77.2%
________________________
*      Excluded from the Same Property portfolio.
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q3 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
9/30/2026
6/30/2026
9/30/2026
6/30/2026
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
100.0%
71.3%
100.0%
100.0%
2001 8th Avenue
West8
Lake Union / Denny Regrade
535,395
36.7%
40.6%
58.4%
54.7%
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
64.1%
63.3%
73.5%
64.1%
10900 NE 4th Street
Skyline Tower
Bellevue
428,557
88.7%
88.2%
88.9%
88.7%
Total Seattle
2,997,307
79.5%
78.9%
84.9%
82.7%
________________________
(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.
Kilroy Realty Q3 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)
9/30/2026
6/30/2026
9/30/2026
6/30/2026
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%
91.5%
91.5%
91.5%
3579 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
54,960
100.0%
100.0%
100.0%
100.0%
3611 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
132,425
100.0%
100.0%
100.0%
100.0%
3661 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
124,756
34.2%
34.2%
64.1%
34.2%
3721 Valley Centre Drive
Kilroy Centre Del Mar
Del Mar
117,777
80.4%
94.8%
80.4%
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
95,885
94.4%
94.1%
95.7%
96.8%
12707 High Bluff Drive
One Paseo Junction
Del Mar
59,245
91.2%
91.2%
94.6%
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%
50.1%
60.5%
56.8%
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
2,689,031
83.4%
84.1%
86.7%
85.6%
________________________
*      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 Q3 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
9/30/2026
6/30/2026
9/30/2026
6/30/2026
AUSTIN, TEXAS
200 W. 6th Street
Indeed Tower
Austin CBD
758,975
84.0%
84.0%
90.4%
88.8%
Total Austin
758,975
84.0%
84.0%
90.4%
88.8%
Total Stabilized Portfolio
17,147,064
76.9%
77.0%
83.0%
81.5%
Total Stabilized Portfolio Excluding KOP 2
80.7%
80.8%
84.8%
83.3%
Average Residential Occupancy
Quarter to Date
Year to Date
RESIDENTIAL PROPERTY
Campus
Submarket (2)
Total No. of Units
9/30/2026
6/30/2026
9/30/2026
SAN DIEGO, CALIFORNIA
3200 Paseo Village Way
One Paseo Living
Del Mar
608
94.8%
95.6%
95.1%
________________________
(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 Q3 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
19
14
335,401
343,139
678,540
99
$94.43
$11.48
1st Gen / Major Repositioning /
In-Process Development & Redevelopment Leasing
8
—
124,271
—
124,271
101
$283.72
$39.01
Total
27
14
459,672
343,139
802,811
# 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
57
38
699,845
522,145
1,221,990
81
$78.32
$11.08
1st Gen / Major Repositioning /
In-Process Development & Redevelopment Leasing
16
—
414,248
—
414,248
148
$300.54
$29.53
Total
73
38
1,114,093
522,145
1,636,238
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
37.9%
13.9%
32.8%
12.6%
All Leases Signed
30.6%
9.7%
17.5%
2.1%
Retention Rate Calculations
Quarter to Date
Year to Date
Retention Rate
78.3%
45.0%
Retention Rate, including subtenants
81.2%
50.2%
Leases Signed But Not Yet Commenced (5)
Period of Estimated Lease Commencement (6)
Q4 2026
H1 2027
H2 2027
2028 and Beyond
Total
Square Feet
250,650
315,277
327,366
509,270
1,402,563
Annualized Base Rent (“ABR”)
$14,153
$17,359
$16,741
$52,448
$100,701
ABR per Sq. Ft.
$56.47
$55.06
$51.14
$102.99
$71.80
Net Leases
78%
Gross Leases
22%
Total ABR
100%
________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months ended September 30, 2026, the Company signed 11,880
square feet of new short-term leasing on vacant space. During the nine months ended September 30, 2026, the Company signed 122,169 square feet of short-term leases, comprised of 76,437 square feet of new
leasing on vacant space and 45,732 square feet of renewal leasing.
(2)Includes tenant improvements and third-party leasing commissions, and excludes tenant-funded tenant improvements and indirect leasing costs.
(3)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(4)Calculated as the change between the expiring cash rent and the new cash rent for the same space. When necessary, lease structures are modified (adjusted for net leases) for comparability. Space that was vacant
when the property was acquired is excluded from these calculations.
(5)Includes 1,041,888 square feet of new leasing on previously vacant space, 144,798 square feet of non-stabilized development leasing, and 215,877 square feet that has been backfilled or re-leased to a subtenant as of
September 30, 2026, but has not yet commenced.
(6)Represents estimated achievement of revenue recognition for the associated lease agreements.
Kilroy Realty Q3 2026 Supplemental Report | 19
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Where Innovation Works
Stabilized Portfolio Capital Expenditures
($ in thousands)
Quarter to Date
Year to Date
Q3 2026
Q2 2026
Q1 2026
Q4 2025
Q3 2025
2026
2025
Recurring Capital Expenditures: (1)
Capital Improvements
$8,451
$6,576
$2,974
$10,068
$9,529
$18,001
$29,712
Tenant Improvements & Leasing Commissions
38,587
21,535
15,769
21,656
27,430
75,891
58,665
Total
$47,038
$28,111
$18,743
$31,724
$36,959
$93,892
$88,377
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters
18.1%
Q3 2026
Q2 2026
Q1 2026
Q4 2025
Q3 2025
2026
2025
Major Repositioning Capital Expenditures: (2)
Capital Improvements
$—
$—
$—
$60
$39
$—
$834
Total
$—
$—
$—
$60
$39
$—
$834
Q3 2026
Q2 2026
Q1 2026
Q4 2025
Q3 2025
2026
2025
First Generation Capital Expenditures:
Tenant Improvements & Leasing Commissions
$21,372
$14,738
$8,980
$5,098
$4,268
$45,090
$14,016
Total
$21,372
$14,738
$8,980
$5,098
$4,268
$45,090
$14,016
________________________
(1)Includes 100% of consolidated property partnerships.
(2)Represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q3 2026 Supplemental Report | 20
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Where Innovation Works
Stabilized Portfolio Lease Expirations (1) (2) (3)
($ in thousands, except for Annualized Base Rent per sq. ft.)
chart-3fe9fa4738314960825.gif
# of Expiring Leases
22
67
77
70
73
79
28
23
21
17
32
% of Total Leased Sq. Ft.
1.8%
7.6%
8.5%
11.7%
13.5%
20.5%
10.2%
9.2%
5.5%
4.9%
6.6%
ABR
$10,710
$36,146
$68,070
$80,152
$106,144
$164,652
$87,249
$69,878
$47,294
$36,991
$60,523
% of Total ABR
1.4%
4.7%
8.9%
10.4%
13.8%
21.4%
11.4%
9.1%
6.2%
4.8%
7.9%
ABR per Sq. Ft.
$44.56
$36.71
$61.39
$52.61
$60.16
$61.58
$65.38
$58.85
$65.56
$57.98
$70.44
________________________
(1)Represents all in-place leases as of September 30, 2026, excluding intercompany leases.
(2)Adjusting for leases that have been backfilled or re-leased to a subtenant as of September 30, 2026 but not yet commenced, the 2026, 2027, 2028, and 2031 expirations would be reduced by 86,875, 26,143, 53,394,
and 30,608 square feet, respectively.
(3)Includes 100% of consolidated property partnerships.
Kilroy Realty Q3 2026 Supplemental Report | 21
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Where Innovation Works
Stabilized Portfolio Lease Expirations by Region (1)
($ 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
% of Total
Annualized
Base Rent
Annualized Base
Rent per Sq. Ft.
2026
San Francisco Bay Area
3
19,545
0.1%
$1,197
0.2%
$61.24
Los Angeles
13
106,052
0.9%
3,729
0.5%
35.16
Seattle
4
109,332
0.8%
5,464
0.7%
49.98
San Diego
2
5,414
—%
320
—%
59.11
Austin
—
—
—%
—
—%
—
Total
22
240,343
1.8%
$10,710
1.4%
$44.56
2027
San Francisco Bay Area
5
34,600
0.3%
$1,347
0.2%
$38.93
Los Angeles
46
794,446
6.1%
27,453
3.6%
34.56
Seattle
9
69,446
0.5%
2,119
0.3%
30.51
San Diego
7
86,136
0.7%
5,227
0.6%
60.68
Austin
—
—
—%
—
—%
—
Total
67
984,628
7.6%
$36,146
4.7%
$36.71
2028
San Francisco Bay Area
14
623,426
4.8%
$40,773
5.4%
$65.40
Los Angeles
43
207,793
1.6%
12,321
1.6%
59.29
Seattle
8
91,050
0.7%
4,008
0.5%
44.02
San Diego
12
186,495
1.4%
10,968
1.4%
58.81
Austin
—
—
—%
—
—%
—
Total
77
1,108,764
8.5%
$68,070
8.9%
$61.39
2029
San Francisco Bay Area
16
583,477
4.5%
$31,960
4.2%
$54.78
Los Angeles
24
439,892
3.4%
22,818
3.0%
51.87
Seattle
12
243,270
1.9%
10,897
1.3%
44.79
San Diego
17
252,673
1.9%
14,242
1.9%
56.37
Austin
1
4,211
—%
235
—%
55.81
Total
70
1,523,523
11.7%
$80,152
10.4%
$52.61
2030
San Francisco Bay Area
16
856,319
6.6%
$55,157
7.2%
$64.41
Los Angeles
21
232,023
1.8%
13,765
1.7%
59.33
Seattle
9
459,089
3.5%
21,656
2.8%
47.17
San Diego
26
211,344
1.6%
15,161
2.0%
71.74
Austin
1
5,454
—%
405
0.1%
74.26
Total
73
1,764,229
13.5%
$106,144
13.8%
$60.16
2031
and
Beyond
San Francisco Bay Area
39
2,703,793
20.8%
$210,297
27.3%
$77.78
Los Angeles
64
1,198,127
9.1%
68,153
8.9%
56.88
Seattle
34
1,402,508
10.7%
61,627
8.0%
43.94
San Diego
45
1,488,507
11.4%
97,824
13.0%
65.72
Austin
18
621,301
4.9%
28,686
3.6%
46.17
Total
200
7,414,236
56.9%
$466,587
60.8%
$62.93
________________________
(1)Includes 100% of consolidated property partnerships.
Kilroy Realty Q3 2026 Supplemental Report | 22
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Where Innovation Works
 
Top 20 Tenants (1) (2)
($ in thousands)
#
Tenant Name
Region
Annualized
Base Rental
Revenue
Rentable
Square Feet
Percentage of
Total Annualized
 Base Rental
Revenue
Percentage of
Total Rentable
Square Feet
Year(s) of Significant
Lease Expiration(s) (3)
Weighted
Average
Remaining
Lease Term
(Years)
1
Global technology company
Seattle / San Diego
$44,696
849,826
5.8%
5.0%
2032 / 2033 / 2037
6.8
2
Cruise LLC
San Francisco Bay Area
35,449
374,618
4.6%
2.2%
2031
5.2
3
Stripe, Inc.
San Francisco Bay Area
33,110
425,687
4.3%
2.5%
2034
7.8
4
Adobe Systems, Inc.
San Francisco Bay Area / Seattle
27,917
537,368
3.6%
3.1%
2027 (4) / 2031
4.6
5
Box, Inc.
San Francisco Bay Area
25,334
296,613
3.3%
1.7%
2028 (5) / 2040
11.6
6
Salesforce, Inc.
San Francisco Bay Area / Seattle
24,706
472,016
3.2%
2.8%
2029 / 2030 / 2032
3.6
7
Okta, Inc.
San Francisco Bay Area
24,206
293,001
3.2%
1.7%
2028
2.1
8
DoorDash, Inc.
San Francisco Bay Area
23,842
236,759
3.1%
1.4%
2032
5.3
9
Netflix, Inc.
Los Angeles
21,854
361,388
2.9%
2.1%
2032
5.8
10
Cytokinetics, Inc.
San Francisco Bay Area
18,167
234,892
2.4%
1.4%
2033
7.1
11
DIRECTV, LLC
Los Angeles
16,085
532,956
2.1%
3.1%
2026 / 2027 (6)
0.9
12
Tandem Diabetes Care, Inc.
San Diego 
15,884
181,949
2.1%
1.1%
2035
8.6
13
Synopsys, Inc.
San Francisco Bay Area
15,492
342,891
2.0%
2.0%
2030
3.9
14
Neurocrine Biosciences, Inc.
San Diego 
14,397
273,021
1.9%
1.6%
2029 / 2031
4.5
15
Viacom International, Inc.
Los Angeles
13,718
220,330
1.8%
1.3%
2028
2.3
16
Indeed, Inc.
Austin CBD
13,430
330,394
1.8%
1.9%
2034
8.3
17
Sony Group Corporation
San Francisco Bay Area / Los Angeles
13,397
131,642
1.7%
0.8%
2030
3.5
18
Amazon.com
Seattle
12,921
283,979
1.7%
1.7%
2030
3.4
19
Nektar Therapeutics, Inc.
San Francisco Bay Area
12,297
135,974
1.6%
0.8%
2030
3.3
20
Splunk, Inc.
San Francisco Bay Area
10,323
100,850
1.3%
0.6%
2031
5.2
Total Top 20 Tenants
$417,225
6,616,154
54.4%
38.8%
5.0
 
 
 
 
________________________
(1)Includes subsidiaries of the tenant listed.
(2)The information presented is based on Annualized Base Rent as of September 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 2028 lease expiration represents 53,676 square feet that expires on June 30, 2028, of which 26,859 square feet has been re-leased, commencing on July 1, 2028.
(6)The 2026 lease expiration represents 49,255 rentable square feet that expired 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 Q3 2026 Supplemental Report | 23
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Where Innovation Works
Tenant Industry Diversification (1) (2)
Annualized Base Rent
Square Feet
           
chart-8b031ac46ae34443a5c.gif
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________________________
(1)Based on the North American Industry Classification System as of September 30, 2026.
(2)Includes 100% of consolidated property partnerships. Based on occupied square footage in the Stabilized Portfolio as of September 30, 2026, excluding month-to-month and intercompany leases.
Kilroy Realty Q3 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
—
—
3rd 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 $9.0 million toward the purchase of the land.
Kilroy Realty Q3 2026 Supplemental Report | 25
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Where Innovation Works
2026 Dispositions and Assets Under Contract
($ 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
3rd Quarter
None
—
—
—
Total Office and Residential
$347.5
Development Pipeline Under Contract (4)
Submarket
Acreage
Under Contract
Anticipated
Sales Price (1)
1633 26th Street (5)
West Los Angeles
2 acres
$41.0
Santa Fe Summit - PA1 (5)
56 Corridor
5 acres
38.0
Santa Fe Summit - PA2 (5)
56 Corridor
17 acres
86.0
East Village (6)
East Village
3 acres
19.5
Total Anticipated Proceeds
$184.5
________________________
(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 purchase and sale agreements and non-refundable deposits as of the date of this filing.
(5)Anticipated to close upon receipt of residential entitlements and permits, which is expected to occur beginning in phases in early 2027.
(6)Anticipated to close during the fourth quarter. No impairment was recorded as of September 30, 2026 as the property did not meet held-for-sale criteria and was deemed recoverable based on a probability-weighted
undiscounted future cash flow assessment.
Kilroy Realty Q3 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
359,273
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 September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Cash Operating Revenues:
Base rent
$26,573
$25,307
$79,768
$79,637
Tenant reimbursements
4,157
4,390
11,916
11,849
Other revenues (3)
149
20
229
2,221
Settlement and restoration fee income
525
—
525
212
Other property income (4)
591
625
1,619
1,849
Total cash operating revenues
31,995
30,342
94,057
95,768
Cash Operating Expenses:
Property expenses
7,421
6,776
20,581
20,059
Real estate taxes
2,345
2,283
6,919
6,743
Total cash operating expenses
9,766
9,059
27,500
26,802
Cash Net Operating Income
22,229
21,283
66,557
68,966
Deferred income and lease incentives, net (5)
215
370
957
1,112
Amortization of deferred revenue related to tenant-funded tenant improvements
412
482
1,284
1,416
Straight-line rents, net
(421)
176
(2,734)
(1,794)
Net Operating Income
22,435
22,311
66,064
69,700
Lease termination fees
134
134
402
10,992
General and administrative expenses
—
(1)
(18)
(10)
Leasing costs
(79)
(39)
(142)
(91)
Other expense
—
—
(1)
(4)
Interest income
87
—
87
—
Depreciation and amortization
(7,936)
(8,045)
(23,866)
(24,599)
Net Income
$14,641
$14,360
$42,526
$55,988
KRC Share of Cash Net Operating Income (6)
$14,606
$14,312
$43,189
$45,743
________________________
(1)Reflects the KRC ownership percentage at time of agreement. For 900 Jefferson Avenue and 900 Middlefield Road, actual percentage may vary depending on cash flows or promote structure. For 1900 Broadway,
reflects expected KRC ownership percentage upon completion of development activities.
(2)For 900 Jefferson Avenue and 900 Middlefield Road, KRC and our partner receive an 8% preferred return on invested capital. Any cash flows received above that amount are shared with our partner as a 10% promote,
with the remaining proceeds distributed according to our respective ownership percentages.
(3)Primarily comprised of contractual parking income and net of revenues deemed uncollectible.
(4)Primarily comprised of transient parking income.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
(6)Reflects KRC share after consolidating elimination entries.
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03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopment Projects
–Future Development Pipeline
Kilroy Oyster Point Phase 2, South San Francisco, CA
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Kilroy Realty Q3 2026 Supplemental Report | 28
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Where Innovation Works
Stabilized Development & Redevelopment Projects
($ in millions)
% Leased
Location
Construction
Start Date
Stabilization
Date (1)
Rentable
Square Feet
Total
Estimated
Investment
Total Project %
Occupied
As of 9/30/2026
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
—
—
—%
—%
—%
3rd Quarter
None
—
—
—%
—%
—%
Total
871,738
$1,175
7%
49%
49%
________________________
(1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components.
Kilroy Realty Q3 2026 Supplemental Report | 29
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Where Innovation Works
In-Process Development & Redevelopment Projects
($ 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 9/30/2026
As of Filing
None
—
$—
$—
—%
—%
Total
—
$—
$—
—%
—%
Kilroy Realty Q3 2026 Supplemental Report | 30
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Where Innovation Works
Future Development Pipeline
($ in millions)
Location
Approx. Developable
Square Feet / Resi Units (1)
Cost Basis, Net (2)
San Francisco Bay Area
Flower Mart
San Francisco CBD
2,300,000
$690
Kilroy Oyster Point - Phases 3 and 4
South San Francisco
875,000 - 1,000,000
253
1900 Broadway (3)
Other Peninsula
251,000
78
Los Angeles
1633 26th Street (4)
West Los Angeles
190,000
17
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
52
Kilroy East Village (4)
East Village
1,100 units
63
Austin
Stadium Tower
Stadium District / Domain
493,000
76
Total
$1,544
________________________
(1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy,
market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of September 30, 2026, net of environmental liability obligations, asset retirement obligations, and municipal bonds proceeds received related to public infrastructure improvements.
(3)Owned in a consolidated joint venture. Project is 58% pre-leased and is anticipated to commence construction in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to
be 97%.
(4)Subject to signed purchase and sale agreements and non-refundable deposits as of the date of this filing. Refer to page 25 “2026 Dispositions and Assets Under Contract” for additional information.
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04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
Blackwelder, Culver City, CA
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Kilroy Realty Q3 2026 Supplemental Report | 32
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Where Innovation Works
Capital Structure
As of September 30, 2026
($ 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)
$40,000
0.5%
4.90%
4.90%
7/31/2030
Term Loan Facility (4)
200,000
2.4%
5.05%
5.18%
7/31/2031
Private Placement Senior Notes Series A due 2027
175,000
2.1%
3.35%
3.42%
2/17/2027
Private Placement Senior Notes Series B due 2029
75,000
0.9%
3.45%
3.51%
2/17/2029
Private Placement Senior Notes due 2031
350,000
4.2%
4.27%
4.32%
1/31/2031
Senior Notes due 2028 (5)
400,000
4.8%
4.75%
4.87%
12/15/2028
Senior Notes due 2029
400,000
4.8%
4.25%
4.38%
8/15/2029
Senior Notes due 2030
500,000
6.0%
3.05%
3.17%
2/15/2030
Senior Notes due 2032 (5)
425,000
5.1%
2.50%
2.63%
11/15/2032
Senior Notes due 2033 (5)
450,000
5.4%
2.65%
2.73%
11/15/2033
Senior Notes due 2035
400,000
4.8%
5.88%
6.08%
10/15/2035
Senior Notes due 2036
400,000
4.8%
6.25%
6.41%
1/15/2036
$3,815,000
45.8%
4.14%
4.48%
Secured Debt (6)
100 Hooper St., San Francisco Bay Area
$145,834
1.8%
3.57%
3.81%
12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle
74,761
0.9%
4.48%
4.58%
7/1/2027
One Paseo Mixed-Use Campus, San Diego
375,000
4.5%
5.90%
6.13%
8/10/2034
$595,595
7.2%
5.15%
5.37%
Total Debt
$4,410,595
53.0%
4.27%
4.60%
Equity and Noncontrolling Interest in the Operating Partnership (7)
Common limited partnership units outstanding (8)
1,133,562
$37,714
0.5%
Shares of common stock outstanding
116,308,988
3,869,600
46.5%
Total Equity and Noncontrolling Interest in the Operating
Partnership
$3,907,314
47.0%
Total Market Capitalization
$8,317,909
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 September 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)The unsecured revolving credit facility has a total borrowing capacity of $1.25 billion and two available six-month extension options.
(4)The unsecured term loan facility has a total borrowing capacity of $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.
(5)Green bond.
(6)The mortgage notes are secured by the properties listed.
(7)Value based on closing share price of $33.27 as of September 30, 2026.
(8)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships.
Kilroy Realty Q3 2026 Supplemental Report | 33
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Where Innovation Works
Debt Maturities
As of September 30, 2026
($ in thousands)
chart-4e89ecc71bc54a32b2a.gif
Total Debt (3)
$146,470
$249,125
$400,000
$475,000
$540,000
$550,000
$425,000
$450,000
$375,000
$400,000
$400,000
Weighted
Average
Stated Rate
3.57%
3.69%
4.75%
4.12%
3.19%
4.55%
2.50%
2.65%
5.90%
5.88%
6.25%
% of Total
3%
6%
9%
11%
12%
12%
10%
10%
9%
9%
9%
________________________
(1)The unsecured revolving credit facility has a total borrowing capacity of $1.25 billion and two available six-month extension options.
(2)The unsecured term loan facility has a total borrowing capacity of $250.0 million. The additional $50.0 million of term loan capacity consists of delayed-draw commitments that may be drawn upon through June 11,
2027.
(3)Includes scheduled principal payments for amortizing loans.
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Debt Covenants & Leverage Ratios
($ in thousands)
KEY DEBT COVENANTS (1)
Covenant
Actual Performance
as of September 30, 2026
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value
less than 60%
33%
Fixed charge coverage ratio
greater than 1.5x
3.1x
Unsecured debt ratio
greater than 1.67x
2.88x
Unencumbered asset pool debt service coverage
greater than 1.75x
3.58x
Unsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036:
Total debt to total asset value
less than 60%
34%
Interest coverage
greater than 1.5x
4.2x
Secured debt to total asset value
less than 40%
5%
Unencumbered asset pool value to unsecured debt
greater than 150%
307%
NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Total principal amount of debt
$4,410,595
$4,572,227
$4,623,842
$4,625,442
$4,627,026
Cash and cash equivalents
(94,301)
(253,805)
(192,904)
(179,316)
(372,416)
Net debt
$4,316,294
$4,318,422
$4,430,938
$4,446,126
$4,254,610
Trailing 12-months Company's Share of EBITDAre (2)(3)
$597,206
$615,742
$631,178
$637,314
$660,337
Trailing 12-months Company's Share of Adjusted EBITDAre (2)(3)
$592,180
$608,217
$624,388
$630,344
$650,782
Net Debt to Company's Share of EBITDAre Ratio
7.2x
7.0x
7.0x
7.0x
6.4x
Net Debt to Company's Share of Adjusted EBITDAre Ratio
7.3x
7.1x
7.1x
7.1x
6.5x
________________________
(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 June 30, 2025, March 31, 2025, and December 31, 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 October 22,
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 their
exclusion provides 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.
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Management Statements on Non-GAAP Supplemental Measures, continued
EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:
The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) in accordance with the 2017 White Paper on
EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense, depreciation and
amortization, gain/loss on early extinguishment of debt, gains and losses on the sale of depreciable real estate and non-real estate assets, net income attributable to
noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses
(EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, management
believes EBITDAre gives the investment community a more complete understanding of the Company’s consolidated operating results, including the impact of
general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates comparisons with
competitors. Management also believes it is appropriate to present EBITDAre as it is used in several of the Company’s financial covenants for both its secured and
unsecured debt. However, EBITDAre should not be viewed as an alternative measure of the Company’s operating performance since it excludes financing costs as
well as depreciation and amortization costs, which are significant economic costs that could materially impact the Company’s results of operations and liquidity. Other
REITs may use different methodologies for calculating EBITDAre and, accordingly, the Company’s EBITDAre calculation may not be comparable to 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") Capital Expenditures:
Capital expenditures for space not yet leased at recently completed Development and Redevelopment Properties that have been added to the Stabilized
Portfolio. Does not include expenditures for In-Process development and Redevelopment Projects or acquisition properties. These costs are not subtracted
in the calculation of FAD.
1st Gen Leasing:
New leasing activity on vacant space at recently completed Development, Redevelopment, and properties classified as Major Repositioning that have been
added to the Stabilized Portfolio. Also includes new leasing activity at space that was vacant upon acquisition.
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.
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Definitions Included in Supplemental, continued
GAAP Rent:
Rental revenue recognized on a straight-line basis over the lease term, including the impact of contractual rent escalations, free rent periods, and
amortization for lease incentives due under existing leases.
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses. 
Interest Coverage Ratio:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts).
Major Repositioning:
Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re-
leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are
included in 2nd Gen Capital Expenditures.
Net Lease 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.
Recurring Capital Expenditures:
Recurring capital expenditures related to previously leased space and space at acquired operating properties in the Stabilized Portfolio. Also includes tenant
improvements, leasing commissions, market ready, and spec suite capital expenditures for properties classified as Major Repositioning. These recurring
costs are subtracted in the calculation of FAD.
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.
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Definitions Included in Supplemental, continued
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.
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 September 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
—
21,703
Same Property Portfolio as of September 30, 2026
113
15,635,655
Stabilized Development Property Excluded from Same Property
5
972,877
Stabilized Acquisition Properties Excluded from Same Property
5
538,532
Stabilized Portfolio as of September 30, 2026
123
17,147,064
________________________
(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") Leasing
Leasing at properties in the Stabilized Portfolio related to space that has been previously leased. All renewals are considered 2nd Gen leasing.
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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
—
22,354
Stabilized Portfolio as of September 30, 2026
123
17,147,064
________________________
(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 September 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
17,147,064
Total Portfolio as of September 30, 2026
123
17,147,064
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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
Nine Months Ended
 
9/30/2026
9/30/2025
9/30/2026
9/30/2025
Net Income Available to Common Stockholders
$15,506
$156,220
$16,144
$263,677
Net income available to noncontrolling common units of the Operating Partnership
151
1,524
159
2,562
Net income attributable to noncontrolling interests in consolidated property partnerships
4,612
4,538
14,008
19,292
Net Income
20,269
162,282
30,311
285,531
Adjustments:
Impairment of real estate assets
—
—
61,778
—
Gains on sales of depreciable operating properties
—
(110,484)
(23,525)
(127,038)
Depreciation and amortization
93,165
87,487
281,069
262,231
Interest expense
39,376
32,152
119,521
94,144
Interest income
(620)
(3,119)
(2,821)
(4,765)
Other (income) expense
(83)
(91)
(224)
(124)
Leasing costs
2,980
2,610
8,804
7,760
General and administrative expenses
18,408
18,247
58,040
53,623
Lease termination fees
(315)
(309)
(1,077)
(11,569)
Net Operating Income
173,180
188,775
531,876
559,793
Other (2)
69
78
206
234
Deferred settlement and restoration fee income
—
2,026
—
—
Amortization of net below market rents
(682)
(764)
(1,974)
(2,455)
Straight-line rents, net
2,832
1,303
3,633
9,270
Amortization of deferred revenue related to tenant-funded tenant improvements
(3,353)
(3,639)
(9,886)
(11,097)
Deferred income and lease incentives, net (3)
(614)
(707)
(2,639)
(2,312)
Cash Net Operating Income
171,432
187,072
521,216
553,433
Non-Same Property Cash Net Operating Income
(814)
(13,933)
(5,742)
(41,064)
Same Property Cash Net Operating Income
$170,618
$173,139
$515,474
$512,369
________________________
(1)Based upon the Same Property Portfolio as of September 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.
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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
6/30/2025
3/31/2025
12/31/2024
Net Income
$79,568
$43,681
$65,034
Interest expense
30,844
31,148
33,245
Depreciation and amortization
87,625
87,119
89,121
Taxes (1)
17
51
—
Gain on sale of operating properties
(16,554)
—
—
Gain on sales of long-lived assets
—
—
(5,979)
EBITDAre
181,500
161,999
181,421
EBITDAre attributable to noncontrolling interests in consolidated property partnerships
(13,586)
(7,280)
(7,843)
Company's Share of EBITDAre
167,914
154,719
173,578
Interest income
(512)
(1,134)
(4,790)
Company's Share of Adjusted EBITDAre
$167,402
$153,585
$168,788
________________________
(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. EBITDAre and Adjusted EBITDAre for
the period ending December 31, 2024 have not been conformed to our new presentation to maintain consistency with previously reported financial ratios.
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Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)
 
Three Months Ended
Nine Months Ended
 
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
9/30/2026
9/30/2025
GAAP Net Cash Provided by Operating Activities
$156,148
$78,207
$150,695
$109,078
$176,568
$385,050
$457,235
Adjustments:
Recurring tenant improvements, leasing commissions, and capital
expenditures
(47,038)
(28,111)
(18,743)
(31,724)
(36,959)
(93,892)
(88,377)
Depreciation of non-real estate furniture, fixtures, and equipment
(1,428)
(1,429)
(1,459)
(1,410)
(1,407)
(4,316)
(4,173)
Net changes in operating assets and liabilities (1)
(39,387)
42,682
(30,811)
22,819
(31,579)
(27,516)
(24,642)
Noncontrolling interests in consolidated property partnerships’ share of
FFO and FAD
(5,238)
(7,100)
(7,207)
(6,177)
(5,411)
(19,545)
(25,102)
Cash adjustments related to investing and financing activities
(251)
(623)
(1,369)
(2,052)
(273)
(2,243)
(1,017)
Funds Available for Distribution
$62,806
$83,626
$91,106
$90,534
$100,939
$237,538
$313,924
________________________
(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 our liquidity and financial conditions and those
of our tenants; adverse economic or real estate conditions generally, and
specifically, in the States of California, Texas, and Washington; risks
associated with our investment in real estate assets, which are illiquid, and
with trends in the real estate industry; defaults on or non-renewal of leases
by tenants; any significant downturn in tenants’ businesses, including
bankruptcy, lack of liquidity or lack of funding, and the impact labor
disruptions or strikes, such as episodic strikes in the 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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