Form 8-K

8-K — KILROY REALTY CORP

Accession: 0001628280-26-027543

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001025996

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — krc-20260427.htm (Primary)

EX-99.1 (exhibit991.htm)

EX-99.2 (exhibit992.htm)

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8-K

8-K (Primary)

Filename: krc-20260427.htm · Sequence: 1

krc-20260427

0001025996false00010259962026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

KILROY REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

001-12675

95-4598246

(State or other jurisdiction of

incorporation or organization)

(Commission File No.)

(I.R.S. Employer

Identification No.)

12200 W. Olympic Boulevard, Suite 200, Los Angeles, California, 90064

(Address of principal executive offices) (Zip Code)

(310) 481-8400

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Name of each exchange on which

registered

Ticker Symbol

Kilroy Realty Corporation

Common Stock, $.01 par value

New York Stock Exchange

KRC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions (see General Instructions A.2.):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of

1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02Results of Operations and Financial Condition.

On April 27, 2026, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended March

31, 2026 and distributed certain supplemental financial information. On April 27, 2026, Kilroy Realty Corporation also posted

the supplemental information on its website located at www.kilroyrealty.com. The text of the supplemental information and the

related press release are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including

for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject

to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by

reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of

any general incorporation language in such filing.

Item 7.01Regulation FD Disclosure.

As discussed in Item 2.02 above, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter

ended March 31, 2026 and distributed certain supplemental information. On April 27, 2026, Kilroy Realty Corporation also

posted the supplemental information on its website located at www.kilroyrealty.com.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the

purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this

Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the

Exchange Act regardless of any general incorporation language in such filing.

Item 9.01Financial Statements and Exhibits.

(a)

Financial statements of businesses acquired: None.

(b)

Pro forma financial information: None.

(c)

Shell company transactions: None.

(d)

Exhibits:

The following exhibits are furnished with this Current Report on Form 8-K:

Exhibit No.

Description

99.1*

Supplemental Operating and Financial Data for the quarter ended March 31, 2026

99.2*

Press Release dated April 27, 2026 regarding first quarter 2026 earnings

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

_______________

*Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

Kilroy Realty Corporation

Date: April 27, 2026

By:

/s/ Chandni Jalan

Chandni Jalan

Senior Vice President, Chief Accounting Officer

EX-99.1

Filename: exhibit991.htm · Sequence: 2

exhibit991

Exhibit 99.1

Kilroy Realty

Supplemental Financial Report

Q1 2026

Kilroy Oyster Point, South San Francisco, CA

Where Innovation Works

KILROY REALTY CORPORATION REPORTS

FIRST QUARTER FINANCIAL RESULTS

---------------

LOS ANGELES, April 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter

ended March 31, 2026.

“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000

square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the

West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of

non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a

substantially pre-leased development project in one of the Company’s best-performing submarkets.”

Financial Results

•Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for the quarter ended March 31, 2025

•Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the quarter ended March 31, 2026, as compared to Net

income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025

•Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended March 31, 2026, as compared to $122.3 million, or

$1.02 per diluted share, for the quarter ended March 31, 2025

Leasing and Occupancy

•Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470 basis points of leases signed but not yet

commenced

◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5% occupied and 84.3% leased at March 31, 2026,

representing 280 basis points of leases signed but not yet commenced

•During the quarter, signed approximately 568,000 square feet of leases

◦Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant space, 80,000 square feet of new leasing on

currently occupied space, and 82,000 square feet of renewal leasing

▪New leasing on vacant space included an approximately 145,000-square-foot development lease with Cooley LLP, a global law firm.

See “Joint Venture Formation” section below for additional details

▪Leasing activity during the quarter included approximately 70,000 square feet of short-term leasing

•GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%, 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

19.2% and 5.2%, respectively

Capital Recycling Activity

•In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot, three-building campus in the I-15 Corridor submarket

of San Diego, for gross sales proceeds of $124.5 million

•In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office property in the Del Mar submarket of San Diego,

for gross sales proceeds of $21.0 million

•During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential

tower in the Hollywood submarket of Los Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales proceeds of

$202.0 million

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Common Stock Repurchases

•During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an

aggregate purchase price of $72.7 million

Joint Venture Formation

•In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square-

foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased.

Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery

scheduled for 2030, at which time the Company’s ownership interest is expected to be 97%

Dividend

•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per

share. The dividend was paid on April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date)

Recent Developments

•In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par

iii

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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 $3.49 to $3.63 per diluted share, from the previous range of $3.25

to $3.45. The table below reflects key assumptions for 2026 guidance.

Key Assumptions

February 2026 Assumptions

April 2026 Assumptions

Average full year occupancy

76.0% to 78.0%

76.5% to 78.0%

Average full year occupancy excluding KOP 2

80.0% to 81.5%

80.5% to 81.5%

Same Property Cash Net Operating Income (“NOI”) growth (1) (2)

(1.50%) to 0.00%

0.25% to 1.25%

NOI from Development Properties (3)

$(23.5) to $(25.0) million

$(22.5) to $(24.0) million

Non-Cash GAAP NOI adjustments (1) (4)

$12.0 to $14.0 million

$13.0 to $15.0 million

GAAP lease termination fee income

$3.0 to $4.5 million

No change

General and administrative and Leasing costs

$(89.0) to $(91.0) million

$(87.5) to $(89.5) million

Interest income

$2.0 to $3.0 million

No change

Gross interest expense

$(212.0) to $(214.0) million

$(208.0) to $(209.5) million

Capitalized interest (5)

$32.0 to $34.0 million

$48.5 to $49.5 million

Total development spending (6)

$150.0 to $200.0 million

No change

Operating property dispositions

+/- $300.0 million

$347.5 to $500.0 million

Full Year 2026 Range

as of February 2026

Full Year 2026 Range

as of April 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

$0.59

$0.79

$0.08

$0.22

Weighted average common shares outstanding - diluted (7)

120,100

118,100

Net income available to common stockholders

$70,800

$95,040

$9,055

$25,743

Adjustments:

Net income attributable to noncontrolling common units of the Operating Partnership

300

Net income attributable to noncontrolling interests in consolidated property partnerships

17,000

Depreciation and amortization of real estate assets

342,000

379,400

Gain on sale of depreciable operating property

(8,200)

(23,525)

Impairment of real estate assets

—

61,778

Funds From Operations attributable to noncontrolling interests in consolidated property

partnerships

(28,000)

Funds From Operations (1)

$393,900

$418,140

$416,008

$432,696

Weighted average common shares/units outstanding – diluted (8)

121,200

119,200

Nareit Funds From Operations per common share/unit – diluted (1)

$3.25

$3.45

$3.49

$3.63

________________________

(1)For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.

(2)Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.

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(3)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart

project through December 2026, previously assumed to be June 2026.

(4)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease

related adjustments and other.

(5)Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(6)Total development spending includes recently stabilized, in-process, and future development projects.

(7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.

(8)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of

all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and

FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including

assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance

estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of

any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ

materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss first quarter results and the current business environment during the Company’s April 28, 2026 earnings

conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details,

register by using the following link, https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening via the Internet can access the

conference call at https://events.q4inc.com/attendee/264481752. It may be necessary to download audio software to hear the conference call.

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Table of Contents

Corporate Data & Financial Highlights

Company Background

Financial Highlights

Consolidated Balance Sheets

Consolidated Statements of Operations

Funds From Operations & Funds Available for Distribution

Supplemental Income Statement Detail

Net Operating Income

Same Property Net Operating Income Analysis (Cash Basis)

EBITDA, EBITDAre, and Adjusted EBITDAre

Portfolio Data

Stabilized Portfolio Occupancy Overview by Region

12-17

Leases Executed

Stabilized Portfolio Capital Expenditures

Stabilized Portfolio Lease Expirations

20-21

Top 20 Tenants

Tenant Industry Diversification

2026 Acquisitions

2026 Dispositions, Held for Sale, and Assets Under Contract

Consolidated Ventures (Noncontrolling Property Partnerships)

Development

Stabilized Development & Redevelopment Projects

In-Process Development & Redevelopment Projects

Future Development Pipeline

Debt & Capitalization Data

Capital Structure

Debt Maturities

Debt Covenants & Leverage Ratios

Non-GAAP Supplemental Measures

36-38

Definitions & Reconciliations

40-46

350 Mission, San Francisco, CA

Corporate Data &

Financial Highlights

–Company Background

–Financial Highlights

–Consolidated Balance Sheets

–Consolidated Statements of Operations

–Funds From Operations & Funds Available for Distribution

–Supplemental Income Statement Detail

–Net Operating Income

–Same Property Net Operating Income Analysis (Cash Basis)

–EBITDA, EBITDAre, and Adjusted EBITDAre

The Post at Indeed Tower, Austin, TX

Kilroy Realty Q1 2026 Supplemental Report | 2

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Company

Background

Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate

investment trust and member of the S&P MidCap 400 Index. The Company

owns, manages, develops, and acquires real estate assets consisting

primarily of premier office and life science properties in the San Francisco

Bay Area, Los Angeles, Seattle, San Diego, and Austin.

Stabilized Office & Life Science Portfolio

at March 31, 2026

123

17.1M

buildings

square feet

77.6%

82.3%

occupied

leased

470 bps

568

leased but not

yet occupied

thousand square feet

of leases executed in

1Q 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

Doug S. Bettisworth

VP, Corporate Finance

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

Peter B. Stoneberg

Executive and Senior Management Team

Angela M. Aman

Chief Executive Officer

Justin W. Smart

President

Jeffrey R. Kuehling

EVP, Chief Financial Officer and Treasurer

A. Robert Paratte

EVP, Chief Leasing Officer

Heidi R. Roth

EVP, Chief Administrative Officer

Sherrie S. Schwartz

EVP, Chief Human Resources Officer

Lauren N. Stadler

EVP, General Counsel and Secretary

Eliott L. Trencher

EVP, Chief Investment Officer

Chandni Jalan

SVP, Chief Accounting Officer

Equity Research Coverage

Barclays

Brendan Lynch

(212) 526-9428

BofA Securities

Jana Galan

(646) 855-5042

BMO Capital Markets Corp.

John P. Kim

(212) 885-4115

BTIG

Thomas Catherwood

(212) 738-6140

Citigroup Investment Research

Seth Bergey

(212) 816-2066

Deutsche Bank Securities, Inc.

Peter Abramowitz

(212) 250-9504

Evercore ISI

Steve Sakwa

(212) 446-9462

Goldman Sachs & Co. LLC

Caitlin Burrows

(212) 902-4736

Green Street Advisors

Dylan Burzinski

(949) 640-8780

Jefferies LLC

Joe Dickstein

(212) 778-8771

J.P. Morgan

Anthony Paolone

(212) 622-6682

Keybanc Capital Markets

Upal Rana

(917) 368-2316

Mizuho Securities USA LLC

Vikram Malhotra

(212) 282-3827

RBC Capital Markets

Mike Carroll

(440) 715-2649

Scotiabank

Nicholas Yulico

(212) 225-6904

Wells Fargo

Blaine Heck

(410) 662-2556

Wolfe Research

Ally Yaseen

(646) 582-9253

Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts

regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions,

forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its

reference above or distribution imply its endorsement of or concurrence with such information, conclusions or

recommendations.

Kilroy Realty Q1 2026 Supplemental Report | 3

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Financial Highlights

(unaudited, $ in thousands, except per share amounts)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

INCOME ITEMS:

Revenues

$270,053

$272,187

$279,744

$289,892

$270,844

Lease Termination Fees

398

1,541

309

10,754

506

Capitalized Interest and Debt Costs

13,991

20,632

22,574

21,333

20,548

Capitalized Internal Overhead Costs (1)

3,977

4,120

4,682

3,807

4,634

Other Capitalized Development Costs (2)

3,190

6,382

7,353

5,505

4,974

Non-Cash Amortization of Share-Based Compensation Awards

4,869

5,145

5,436

4,582

3,927

EARNINGS METRICS:

Net (Loss) Income Available to Common Stockholders

$(19,267)

$12,444

$156,220

$68,449

$39,008

Net Operating Income (3)

178,403

176,426

188,775

190,779

180,239

EBITDAre (4)

156,406

158,139

171,561

181,500

161,999

Company's Share of EBITDAre (4)

148,583

150,555

164,126

167,914

154,719

Company's Share of Adjusted EBITDAre (4)

147,629

148,350

161,007

167,402

153,585

Funds From Operations (5)

108,846

117,158

130,561

135,891

122,310

Funds Available for Distribution (5)

91,106

90,534

100,939

103,889

109,096

PER SHARE INFORMATION (6):

Net (loss) income available to common stockholders per share – diluted

$(0.16)

$0.10

$1.31

$0.57

$0.33

Funds From Operations per common share/unit – diluted (5)

0.91

0.97

1.08

1.13

1.02

Dividends declared per common share

0.54

RATIOS (7):

Net Operating Income Margin

66.1%

64.8%

67.5%

65.8%

66.5%

Net Debt to Company's Share of EBITDAre Ratio (4)

7.0x

6.4x

6.6x

Net Debt to Company's Share of Adjusted EBITDAre Ratio (4)

7.1x

6.5x

6.7x

6.9x

Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (4)

3.0x

3.2x

3.4x

3.2x

FFO / FAD Payout Ratio (5)

58.3% / 69.6%

55.1% / 71.3%

49.4% / 63.9%

47.5% / 62.1%

52.7% / 59.1%

STABILIZED PORTFOLIO INFORMATION:

Period End Occupancy Percentage

77.6%

81.6%

81.0%

80.8%

81.4%

Period End Leased Percentage

82.3%

83.8%

83.3%

83.5%

83.9%

Period End Occupancy Percentage excluding KOP 2

81.5%

N/A

Period End Leased Percentage excluding KOP 2

84.3%

N/A

Average Occupancy

77.4%

80.9%

80.7%

80.8%

81.4%

Average Occupancy excluding KOP 2

81.4%

N/A

Lease Composition (Net / Gross) (8)

52% / 48%

50% / 50%

51% / 49%

52% / 48%

________________________

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 (Loss) Income Available to Common Stockholders to Net Operating Income.

(4)Refer to pages 10 and 45 for reconciliations of GAAP Net (Loss) Income 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 (Loss) Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 46 for a reconciliation of GAAP Net Cash Provided by

Operating Activities to Funds Available for Distribution.

(6)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

(7)Ratios are calculated based on current quarter amounts unless otherwise noted. Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre are calculated on a trailing-12 month basis. Refer to page 34 for additional

information.

(8)Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the end of the period presented.

Kilroy Realty Q1 2026 Supplemental Report | 4

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Consolidated Balance Sheets

(unaudited, $ in thousands)

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

ASSETS:

Land

$1,730,514

$1,641,913

$1,661,679

$1,627,754

$1,750,820

Buildings and improvements

9,011,023

8,505,486

8,658,236

8,427,405

8,617,728

Undeveloped land and construction in progress

1,585,042

2,387,742

2,355,181

2,364,938

2,356,330

Total real estate assets held for investment

12,326,579

12,535,141

12,675,096

12,420,097

12,724,878

Accumulated depreciation and amortization

(2,857,265)

(2,843,811)

(2,952,576)

(2,877,165)

(2,900,113)

Total real estate assets held for investment, net

9,469,314

9,691,330

9,722,520

9,542,932

9,824,765

Real estate and other assets held for sale, net

188,771

115,155

—

255,795

—

Cash and cash equivalents

192,904

179,316

372,416

193,129

146,711

Marketable securities

31,417

30,807

33,569

31,629

29,187

Current receivables, net

15,712

12,765

13,191

11,718

11,680

Deferred rent receivables, net

425,420

424,794

436,886

436,964

447,433

Deferred leasing costs and acquisition-related intangible assets, net

271,213

278,232

229,175

208,266

220,051

Right of use ground lease assets, net

127,834

128,116

128,396

128,674

128,949

Prepaid expenses and other assets, net

52,273

54,561

56,046

58,725

69,909

Total Assets

$10,774,858

$10,915,076

$10,992,199

$10,867,832

$10,878,685

LIABILITIES AND EQUITY:

Liabilities:

Secured debt, net

$591,398

$592,685

$593,956

$595,212

$596,806

Unsecured debt, net

3,997,993

3,996,774

3,995,555

4,002,507

4,001,036

Accounts payable, accrued expenses, and other liabilities

303,808

288,963

321,188

273,600

292,354

Ground lease liabilities

127,414

127,628

127,830

128,030

128,227

Accrued dividends and distributions

63,421

65,009

64,996

64,985

64,990

Deferred revenue and acquisition-related intangible liabilities, net

122,272

125,628

127,931

131,606

137,538

Rents received in advance and tenant security deposits

79,638

75,701

74,888

73,561

77,749

Liabilities related to real estate assets held for sale

—

4,945

—

4,887

—

Total liabilities

5,285,944

5,277,333

5,306,344

5,274,388

5,298,700

Equity:

Stockholders’ Equity

Common stock

1,163

1,184

1,183

Additional paid-in capital

5,161,140

5,230,747

5,223,369

5,216,320

5,210,415

Retained earnings

102,859

188,876

240,810

148,952

144,867

Total stockholders’ equity

5,265,162

5,420,807

5,465,362

5,366,455

5,356,465

Noncontrolling Interests

Common units of the Operating Partnership

51,328

51,911

53,154

52,192

52,105

Consolidated property partnerships

172,424

165,025

167,339

174,797

171,415

Total noncontrolling interests

223,752

216,936

220,493

226,989

223,520

Total equity

5,488,914

5,637,743

5,685,855

5,593,444

5,579,985

Total Liabilities And Equity

$10,774,858

$10,915,076

$10,992,199

$10,867,832

$10,878,685

Kilroy Realty Q1 2026 Supplemental Report | 5

Where Innovation Works

Consolidated Statements of Operations

(unaudited, $ and shares in thousands, except per share amounts)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Revenues

Rental income

$265,330

$267,363

$274,909

$285,071

$266,244

Other property income

4,723

4,824

4,835

4,821

4,600

Total revenues

270,053

272,187

279,744

289,892

270,844

Expenses

Property expenses

59,283

64,673

61,764

58,575

58,714

Real estate taxes

28,782

26,556

25,878

26,765

28,365

Ground leases

3,187

2,991

3,018

3,019

3,020

General and administrative expenses

20,699

19,485

18,247

18,475

16,901

Leasing costs

3,010

2,592

2,610

2,277

2,873

Depreciation and amortization

94,344

92,623

87,487

87,625

87,119

Total expenses

209,305

208,920

199,004

196,736

196,992

Other Income (Expenses)

Interest income

954

2,205

3,119

512

1,134

Interest expense

(38,511)

(32,148)

(32,152)

(30,844)

(31,148)

Other income (expense)

(

)

389

190

(157)

Gains on sales of depreciable operating properties

23,525

—

110,484

16,554

—

Impairment of real estate assets (1)

(61,778)

(16,259)

—

Total other (expenses) income

(75,421)

(46,158)

81,542

(13,588)

(30,171)

Net (Loss) Income

(14,673)

17,109

162,282

79,568

43,681

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

185

(120)

(1,524)

(663)

(375)

Net income attributable to noncontrolling interests in consolidated property partnerships

(4,779)

(4,545)

(4,538)

(10,456)

(4,298)

Total net income attributable to noncontrolling interests

(4,594)

(4,665)

(6,062)

(11,119)

(4,673)

Net (Loss) Income Available To Common Stockholders

$(19,267)

$12,444

$156,220

$68,449

$39,008

Weighted average common shares outstanding – basic

117,637

118,338

118,296

118,285

118,195

Weighted average common shares outstanding – diluted

117,637

119,153

118,822

118,683

118,664

Net (Loss) Income Available To Common Stockholders Per Share

Net (loss) income available to common stockholders per share – basic

$(0.16)

$0.10

$1.32

$0.58

$0.33

Net (loss) income available to common stockholders per share – diluted

$(0.16)

$0.10

$1.31

$0.57

$0.33

________________________

(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 Q1 2026 Supplemental Report | 6

Where Innovation Works

Funds From Operations & Funds Available for Distribution

(unaudited, $ and shares in thousands, except per share amounts)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

FUNDS FROM OPERATIONS:

Net (loss) income available to common stockholders

$(19,267)

$12,444

$156,220

$68,449

$39,008

Adjustments:

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185)

120

1,524

663

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,545

4,538

10,456

4,298

Depreciation and amortization of real estate assets

92,885

91,213

86,080

86,243

85,735

Gains on sales of depreciable operating properties

(23,525)

—

(110,484)

(16,554)

—

Impairment of real estate assets

61,778

16,259

—

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(7,619)

(7,423)

(7,317)

(13,366)

(7,106)

Funds From Operations

$108,846

$117,158

$130,561

$135,891

$122,310

Weighted average common shares/units outstanding – basic (1)

119,251

119,869

119,870

119,848

119,750

Weighted average common shares/units outstanding – diluted (1)

119,957

120,684

120,397

120,246

120,220

FFO per common share/unit – basic (2)

$0.91

$0.98

$1.09

$1.13

$1.02

FFO per common share/unit – diluted (2)

$0.91

$0.97

$1.08

$1.13

$1.02

FUNDS AVAILABLE FOR DISTRIBUTION:

Funds From Operations

$108,846

$117,158

$130,561

$135,891

$122,310

Adjustments:

Recurring tenant improvements, leasing commissions, and capital expenditures

(18,743)

(31,724)

(36,959)

(34,040)

(17,378)

Amortization of deferred revenue related to tenant-funded tenant improvements

(3,218)

(3,547)

(3,639)

(3,770)

(3,688)

Straight-line rents, net

(701)

2,358

1,303

3,354

4,613

Amortization of net below market rents

(641)

(624)

(764)

(845)

(846)

Amortization of deferred financing costs and net debt discount/premium

1,662

1,162

1,218

1,178

1,219

Non-cash amortization of share-based compensation awards

4,869

5,145

5,436

4,582

3,927

Lease related adjustments and other (3)

(1,380)

(640)

1,877

(2,626)

(1,677)

Adjustments attributable to noncontrolling interests in consolidated property partnerships

412

1,246

1,906

165

616

Funds Available for Distribution

$91,106

$90,534

$100,939

$103,889

$109,096

________________________

(1)Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. Diluted amounts also include non-

participating share-based awards and the dilutive impact of contingently issuable shares.

(2)Reported per common share/unit amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

(3)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items. Includes non-cash ground rent expense beginning

in Q1 2026.

Kilroy Realty Q1 2026 Supplemental Report | 7

Where Innovation Works

Supplemental Income Statement Detail

(unaudited, $ in thousands)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Revenues

Income Statement Category

Base rent

Rental income

$193,622

$197,081

$201,633

$201,955

$202,640

Tenant reimbursements

Rental income

46,527

47,779

51,867

48,035

46,313

Other revenues (1)

Rental income

18,417

18,442

16,656

19,967

15,630

Deferred income and lease incentives, net (2)

Rental income

1,060

257

707

771

834

Amortization of deferred revenue related to tenant-funded tenant

improvements

Rental income

3,218

3,547

3,639

3,770

3,688

Straight-line rents, net

Rental income

701

(2,358)

(1,303)

(3,354)

(4,613)

Amortization of net below market rents

Rental income

641

624

764

845

846

Settlement and restoration fee income

Rental income

746

450

2,663

639

Deferred settlement and restoration fee income

Rental income

—

(2,026)

1,689

337

Cash lease termination fee income

Rental income

1,158

867

10,588

—

Deferred lease termination fee income

Rental income

389

383

(558)

166

506

Other property income (3)

Other property income

4,723

4,824

4,835

4,821

4,600

Total Revenues

$270,053

$272,187

$279,744

$289,892

$270,844

________________________

•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 Q1 2026 Supplemental Report | 8

Where Innovation Works

Net Operating Income

(unaudited, $ in thousands)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Cash Operating Revenues:

Base rent

$193,622

$197,081

$201,633

$201,955

$202,640

Tenant reimbursements

46,527

47,779

51,867

48,035

46,313

Other revenues (1)

18,417

18,442

16,656

19,967

15,630

Settlement and restoration fee income

746

450

2,663

639

Other property income (2)

4,723

4,824

4,835

4,821

4,600

Total cash operating revenues

264,035

268,576

277,654

275,417

269,246

Cash Operating Expenses:

Property expenses

59,283

64,673

61,764

58,575

58,714

Real estate taxes

28,782

26,556

25,878

26,765

28,365

Ground leases

3,118

2,913

2,940

2,941

2,942

Total cash operating expenses

91,183

94,142

90,582

88,281

90,021

Cash Net Operating Income (3)

172,852

174,434

187,072

187,136

179,225

Deferred income and lease incentives, net (4)

1,060

257

707

771

834

Amortization of deferred revenue related to tenant-funded tenant improvements

3,218

3,547

3,639

3,770

3,688

Straight-line rents, net

701

(2,358)

(1,303)

(3,354)

(4,613)

Amortization of net below market rents

641

624

764

845

846

Deferred settlement and restoration fee income

—

(2,026)

1,689

337

Other (5)

(69)

(78)

Net Operating Income (3)

178,403

176,426

188,775

190,779

180,239

Lease termination fees

398

1,541

309

10,754

506

General and administrative expenses

(20,699)

(19,485)

(18,247)

(18,475)

(16,901)

Leasing costs

(3,010)

(2,592)

(2,610)

(2,277)

(2,873)

Other income (expense)

389

190

(157)

Interest income

954

2,205

3,119

512

1,134

Interest expense

(38,511)

(32,148)

(32,152)

(30,844)

(31,148)

Depreciation and amortization

(94,344)

(92,623)

(87,487)

(87,625)

(87,119)

Gains on sales of depreciable operating properties

23,525

—

110,484

16,554

—

Impairment of real estate assets

(61,778)

(16,259)

—

Net (Loss) Income

$(14,673)

$17,109

$162,282

$79,568

$43,681

________________________

(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 (Loss) 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 Q1 2026 Supplemental Report | 9

Where Innovation Works

Same Property Net Operating Income Analysis (Cash Basis)

(unaudited, $ in thousands)

Three Months Ended March 31,

2026

2025

% Contribution

Total Same Property Portfolio

Number of properties

113

Square Feet

15,613,635

Average Occupancy (1)

82.0%

81.8%

Percent of Stabilized Portfolio

91.2%

Cash Operating Revenues:

Base rent

$184,772

$186,758

(1.2)%

Tenant reimbursements

44,377

43,579

0.5%

Other revenues (2)

13,573

10,977

1.6%

Settlement and restoration fee income

746

0.4%

Other property income (3)

3,974

3,774

0.1%

Total cash operating revenues

247,442

245,151

1.4%

Cash Operating Expenses:

Property expenses

52,257

52,151

(0.1)%

Real estate taxes

23,425

24,396

0.6%

Ground leases

3,118

2,942

(0.1)%

Total cash operating expenses

78,800

79,489

0.4%

Cash Net Operating Income (4) (5) (6)

$168,642

$165,662

1.8%

________________________

(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 (Loss) Income Available to Common Stockholders to Same Property Cash Net Operating Income.

(6)For the three months ended March 31, 2026 and 2025, Same Property Cash Net Operating Income from our One Paseo Living residential property represented 2.9% and 2.7% of total Same Property Cash Net

Operating Income, respectively.

Kilroy Realty Q1 2026 Supplemental Report | 10

Where Innovation Works

EBITDA, EBITDAre, and Adjusted EBITDAre

(unaudited, $ in thousands)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Net (Loss) Income Available to Common Stockholders

$(19,267)

$12,444

$156,220

$68,449

$39,008

Interest expense

38,511

32,148

32,152

30,844

31,148

Depreciation and amortization

94,344

92,623

87,487

87,625

87,119

Taxes

(29)

—

124

EBITDA

113,559

137,215

275,983

186,935

157,326

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185)

120

1,524

663

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,545

4,538

10,456

4,298

Gains on sales of depreciable operating properties

(23,525)

—

(110,484)

(16,554)

—

Impairment of real estate assets

61,778

16,259

—

EBITDAre

156,406

158,139

171,561

181,500

161,999

EBITDAre attributable to noncontrolling interests in consolidated property partnerships

(7,823)

(7,584)

(7,435)

(13,586)

(7,280)

Company's Share of EBITDAre

148,583

150,555

164,126

167,914

154,719

Interest income

(954)

(2,205)

(3,119)

(512)

(1,134)

Company's Share of Adjusted EBITDAre

$147,629

$148,350

$161,007

$167,402

$153,585

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, Held for Sale, and Assets Under Contract

–Consolidated Ventures (Noncontrolling Property Partnerships)

Maple Plaza, Beverly Hills, CA

Kilroy Realty Q1 2026 Supplemental Report | 12

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 %

3/31/2026

12/31/2025

3/31/2026

12/31/2025

SAN FRANCISCO BAY AREA

San Francisco CBD

26.0%

19.9%

3,410,022

82.4%

82.3%

84.3%

83.3%

South San Francisco (3)

7.3%

9.8%

1,677,847

46.9%

91.9%

67.2%

91.9%

Other Peninsula

5.6%

4.2%

726,200

85.3%

86.2%

89.4%

86.2%

Silicon Valley

5.0%

3.6%

622,640

100.0%

Total San Francisco Bay Area

43.9%

37.5%

6,436,709

75.2%

86.2%

81.9%

86.8%

LOS ANGELES

El Segundo

3.2%

6.4%

1,103,595

65.1%

69.9%

66.0%

70.5%

Hollywood / West Hollywood

7.3%

6.2%

1,057,790

85.3%

85.4%

95.2%

94.2%

Long Beach

3.0%

5.6%

957,705

88.1%

92.9%

91.7%

West Los Angeles

1.3%

3.8%

650,722

57.8%

55.2%

58.0%

56.4%

Beverly Hills

1.9%

1.8%

306,366

81.6%

77.5%

81.6%

Culver City

0.2%

1.0%

166,207

50.8%

43.6%

52.2%

43.6%

Total Los Angeles

16.9%

24.8%

4,242,385

74.8%

75.1%

78.7%

78.8%

SEATTLE

Lake Union / Denny Regrade

11.1%

12.1%

2,078,012

78.5%

76.6%

83.3%

81.2%

Bellevue

5.7%

5.4%

919,295

81.0%

87.8%

81.5%

87.8%

Total Seattle

16.8%

17.5%

2,997,307

79.3%

80.0%

82.7%

83.2%

SAN DIEGO

Del Mar

13.3%

10.8%

1,853,346

90.2%

89.2%

90.4%

89.3%

Little Italy / Point Loma

0.8%

1.9%

320,371

61.9%

59.5%

67.4%

63.0%

University Towne Center

1.8%

1.7%

283,134

81.6%

90.3%

Torrey Pines

1.6%

1.4%

232,166

75.1%

Total San Diego

17.5%

15.8%

2,689,017

84.6%

83.7%

86.3%

85.1%

AUSTIN

Austin CBD

4.9%

4.4%

758,975

83.2%

82.2%

88.8%

87.9%

Total Austin

4.9%

4.4%

758,975

83.2%

82.2%

88.8%

87.9%

Total Stabilized Portfolio

100.0%

17,124,393

77.6%

81.6%

82.3%

83.8%

Total Stabilized Portfolio Excluding KOP 2

81.5%

N/A

84.3%

N/A

Average Occupancy (4)

Quarter-to-Date

Quarter-to-Date (Excluding KOP 2)

77.4%

81.4%

________________________

(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes residential properties and properties classified as held for sale.

(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. The total project was 5% occupied and 44% leased at March 31, 2026.

(4)Calculated as the average of the daily ending occupancy percentages.

Kilroy Realty Q1 2026 Supplemental Report | 13

Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued (1)

(unaudited)

Rentable

Square Feet

Occupied at

Leased at

Campus

Submarket

3/31/2026

12/31/2025

3/31/2026

12/31/2025

SAN FRANCISCO BAY AREA, CALIFORNIA

100 Hooper Street

100 Hooper

San Francisco CBD

417,914

94.4%

97.4%

94.4%

97.4%

100 First Street

San Francisco CBD

480,457

95.2%

95.3%

95.2%

95.3%

201 Third Street

San Francisco CBD

355,960

62.1%

56.0%

80.2%

58.7%

303 Second Street

San Francisco CBD

784,658

62.7%

66.1%

62.7%

66.6%

350 Mission Street

San Francisco CBD

455,340

99.7%

360 Third Street

San Francisco CBD

436,357

71.3%

66.6%

71.3%

250 Brannan Street

The Brannans

San Francisco CBD

100,850

100.0%

301 Brannan Street

The Brannans

San Francisco CBD

82,834

100.0%

333 Brannan Street

The Brannans

San Francisco CBD

185,602

100.0%

345 Brannan Street

The Brannans

San Francisco CBD

110,050

99.7%

350 Oyster Point Boulevard

Kilroy Oyster Point - Phase 1

South San Francisco

234,892

100.0%

352 Oyster Point Boulevard

Kilroy Oyster Point - Phase 1

South San Francisco

232,215

100.0%

354 Oyster Point Boulevard

Kilroy Oyster Point - Phase 1

South San Francisco

193,472

100.0%

363 Oyster Point Boulevard * (2)

Kilroy Oyster Point - Phase 2

South San Francisco

318,935

0.0%

N/A

0.0%

N/A

365 Oyster Point Boulevard * (2)

Kilroy Oyster Point - Phase 2

South San Francisco

272,333

17.1%

N/A

39.2%

N/A

369 Oyster Point Boulevard * (2)

Kilroy Oyster Point - Phase 2

South San Francisco

280,470

0.0%

N/A

100.0%

N/A

345 Oyster Point Boulevard

Oyster Point Tech Center

South San Francisco

40,410

100.0%

347 Oyster Point Boulevard

Oyster Point Tech Center

South San Francisco

39,780

100.0%

349 Oyster Point Boulevard

Oyster Point Tech Center

South San Francisco

65,340

0.0%

900 Jefferson Avenue

Crossing 900

Other Peninsula

228,226

100.0%

900 Middlefield Road

Crossing 900

Other Peninsula

119,616

100.0%

4100 Bohannon Drive

Menlo Corporate Center

Other Peninsula

47,643

100.0%

4200 Bohannon Drive

Menlo Corporate Center

Other Peninsula

43,600

48.9%

69.4%

48.9%

69.4%

4300 Bohannon Drive

Menlo Corporate Center

Other Peninsula

63,430

38.8%

85.3%

38.8%

4400 Bohannon Drive *

Menlo Corporate Center

Other Peninsula

48,414

6.3%

0.0%

6.3%

0.0%

4500 Bohannon Drive

Menlo Corporate Center

Other Peninsula

63,429

100.0%

4600 Bohannon Drive

Menlo Corporate Center

Other Peninsula

48,413

100.0%

4700 Bohannon Drive

Menlo Corporate Center

Other Peninsula

63,429

100.0%

680 E. Middlefield Road

680 & 690 Middlefield

Silicon Valley

171,676

100.0%

690 E. Middlefield Road

680 & 690 Middlefield

Silicon Valley

171,215

100.0%

1701 Page Mill Road

Page Mill / Porter

Silicon Valley

128,688

100.0%

3150 Porter Drive

Page Mill / Porter

Silicon Valley

36,886

100.0%

1290-1300 Terra Bella Avenue

Terra Bella

Silicon Valley

114,175

100.0%

Total San Francisco Bay Area

6,436,709

75.2%

86.2%

81.9%

86.8%

________________________

* Excluded from the Same Property portfolio.

(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.

(2)363, 365, and 369 Oyster Point Boulevard comprise our KOP 2 development project that stabilized during the three months ended March 31, 2026. The total project was 5% occupied and 44% leased at March 31, 2026

and 3% occupied and 44% leased at December 31, 2025.

Kilroy Realty Q1 2026 Supplemental Report | 14

Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued (1)

(unaudited)

Rentable

Square Feet

Occupied at

Leased at

Campus

Submarket

3/31/2026

12/31/2025

3/31/2026

12/31/2025

LOS ANGELES, CALIFORNIA

2240 E. Imperial Highway

Kilroy Airport Center

El Segundo

122,870

100.0%

2250 E. Imperial Highway

Kilroy Airport Center

El Segundo

298,728

37.7%

2260 E. Imperial Highway

Kilroy Airport Center

El Segundo

298,728

100.0%

909 N. Pacific Coast Highway

The Nines

El Segundo

244,880

65.5%

67.4%

69.7%

70.3%

999 N. Pacific Coast Highway

The Nines

El Segundo

138,389

16.9%

51.9%

16.9%

51.9%

1500 N. El Centro Avenue

Columbia Square

Hollywood / West Hollywood

113,447

63.6%

1525 N. Gower Street

Columbia Square

Hollywood / West Hollywood

9,610

0.0%

100.0%

1575 N. Gower Street

Columbia Square

Hollywood / West Hollywood

264,430

98.3%

6115 W. Sunset Boulevard

Columbia Square

Hollywood / West Hollywood

26,237

93.4%

73.4%

98.2%

73.4%

6121 W. Sunset Boulevard

Columbia Square

Hollywood / West Hollywood

93,418

0.0%

100.0%

1350 Ivar Avenue

On Vine

Hollywood / West Hollywood

16,448

100.0%

1355 Vine Street

On Vine

Hollywood / West Hollywood

183,129

100.0%

1375 Vine Street

On Vine

Hollywood / West Hollywood

159,236

100.0%

1395 Vine Street

On Vine

Hollywood / West Hollywood

2,575

100.0%

8560 W. Sunset Boulevard

The Sunset

Hollywood / West Hollywood

76,359

100.0%

98.9%

100.0%

98.9%

8570 W. Sunset Boulevard

The Sunset

Hollywood / West Hollywood

49,276

99.0%

8580 W. Sunset Boulevard

The Sunset

Hollywood / West Hollywood

6,875

41.0%

0.0%

41.0%

0.0%

8590 W. Sunset Boulevard

The Sunset

Hollywood / West Hollywood

56,750

99.7%

3750 Kilroy Airport Way

Aero

Long Beach

10,718

100.0%

3760 Kilroy Airport Way

Aero

Long Beach

166,761

77.5%

87.0%

83.4%

3780 Kilroy Airport Way

Aero

Long Beach

221,452

98.1%

97.4%

98.1%

97.4%

3800 Kilroy Airport Way

Aero

Long Beach

192,476

93.4%

3840 Kilroy Airport Way

Aero

Long Beach

138,441

100.0%

3880 Kilroy Airport Way

Aero

Long Beach

96,922

91.3%

3900 Kilroy Airport Way

Aero

Long Beach

130,935

61.1%

62.3%

83.8%

80.9%

2100/2110 Colorado Avenue

Santa Monica

Media Center

West Los Angeles

104,853

55.4%

12233 W. Olympic Boulevard

Tribeca West

West Los Angeles

156,746

47.0%

42.0%

47.8%

42.0%

12100 W. Olympic Boulevard

Westside Media Center

West Los Angeles

155,679

68.7%

12200 W. Olympic Boulevard

Westside Media Center

West Los Angeles

154,544

37.7%

32.0%

37.7%

37.0%

12312 W. Olympic Boulevard

Westside Media Center

West Los Angeles

78,900

100.0%

335-345 N. Maple Drive *

Maple Plaza

Beverly Hills

306,366

81.6%

77.5%

81.6%

3101-3243 S. La Cienega Boulevard

Blackwelder

Culver City

166,207

50.8%

43.6%

52.2%

43.6%

Total Los Angeles

4,242,385

74.8%

75.1%

78.7%

78.8%

________________________

* Excluded from the Same Property portfolio.

(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.

Kilroy Realty Q1 2026 Supplemental Report | 15

Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued (1)

(unaudited)

Rentable

Square Feet

Occupied at

Leased at

Campus

Submarket

3/31/2026

12/31/2025

3/31/2026

12/31/2025

SEATTLE, WASHINGTON

333 Dexter Avenue North

333 Dexter

Lake Union / Denny Regrade

618,766

100.0%

401 Terry Avenue North

401 Terry

Lake Union / Denny Regrade

174,530

100.0%

701 N. 34th Street

Fremont Lake Union Center

Lake Union / Denny Regrade

142,820

64.0%

64.6%

64.0%

64.6%

801 N. 34th Street

Fremont Lake Union Center

Lake Union / Denny Regrade

173,615

100.0%

837 N. 34th Street

Fremont Lake Union Center

Lake Union / Denny Regrade

112,487

71.3%

100.0%

2001 8th Avenue

West8

Lake Union / Denny Regrade

535,395

32.3%

26.0%

44.6%

36.6%

320 Westlake Avenue North

Westlake Terry

Lake Union / Denny Regrade

184,644

100.0%

96.1%

100.0%

321 Terry Avenue North

Westlake Terry

Lake Union / Denny Regrade

135,755

100.0%

601 108th Avenue NE

Key Center

Bellevue

490,738

74.4%

87.1%

75.2%

87.1%

10900 NE 4th Street

Skyline Tower

Bellevue

428,557

88.5%

88.6%

88.7%

88.6%

Total Seattle

2,997,307

79.3%

80.0%

82.7%

83.2%

________________________

(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented.

Kilroy Realty Q1 2026 Supplemental Report | 16

Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued (1)

(unaudited)

Rentable

Square Feet

Occupied at

Leased at

Campus

Submarket (2)

3/31/2026

12/31/2025

3/31/2026

12/31/2025

SAN DIEGO, CALIFORNIA

12225 El Camino Real

Carmel Valley

Corporate Center

Del Mar

58,401

100.0%

12235 El Camino Real

Carmel Valley

Corporate Center

Del Mar

53,751

100.0%

12400 High Bluff Drive

Del Mar

216,518

100.0%

3579 Valley Centre Drive

Kilroy Centre Del Mar

Del Mar

54,960

100.0%

3611 Valley Centre Drive

Kilroy Centre Del Mar

Del Mar

132,425

100.0%

3661 Valley Centre Drive

Kilroy Centre Del Mar

Del Mar

124,756

34.2%

3721 Valley Centre Drive

Kilroy Centre Del Mar

Del Mar

117,777

94.8%

3811 Valley Centre Drive

Kilroy Centre Del Mar

Del Mar

118,912

100.0%

12770 El Camino Real

One Paseo

Del Mar

75,035

100.0%

12780 El Camino Real

One Paseo

Del Mar

140,591

100.0%

12790 El Camino Real

One Paseo

Del Mar

87,944

100.0%

12830 El Camino Real

One Paseo

Del Mar

196,444

100.0%

12860 El Camino Real

One Paseo

Del Mar

92,042

100.0%

3745 Paseo Place

One Paseo

Del Mar

95,871

92.8%

89.0%

96.8%

91.7%

12707 High Bluff Drive

One Paseo Junction

Del Mar

59,245

91.2%

12777 High Bluff Drive

One Paseo Junction

Del Mar

44,486

100.0%

12340 El Camino Real

The Caminos

Del Mar

110,950

25.9%

12390 El Camino Real

The Caminos

Del Mar

73,238

100.0%

2100 Kettner Boulevard

2100 Kettner

Little Italy / Point Loma

212,915

48.5%

45.0%

56.9%

50.2%

2305 Historic Decatur Road

Kilroy Liberty Station

Little Italy / Point Loma

107,456

88.3%

4690 Executive Drive *

4690 Executive

University Towne Center

52,074

0.0%

47.3%

9455 Towne Centre Drive

University Towne Center

160,444

100.0%

9514 Towne Centre Drive

University Towne Center

70,616

100.0%

3530 John Hopkins Court *

Nautilus

Torrey Pines

45,589

100.0%

3535 General Atomics Court *

Nautilus

Torrey Pines

80,543

28.1%

3550 John Hopkins Court *

Nautilus

Torrey Pines

62,739

100.0%

3565 General Atomics Court *

Nautilus

Torrey Pines

43,295

100.0%

Total San Diego

2,689,017

84.6%

83.7%

86.3%

85.1%

________________________

* 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 Q1 2026 Supplemental Report | 17

Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued (1)

(unaudited)

Rentable

Square Feet

Occupied at

Leased at

Campus

Submarket

3/31/2026

12/31/2025

3/31/2026

12/31/2025

AUSTIN, TEXAS

200 W. 6th Street

Indeed Tower

Austin CBD

758,975

83.2%

82.2%

88.8%

87.9%

Total Austin

758,975

83.2%

82.2%

88.8%

87.9%

Total Stabilized Portfolio

17,124,393

77.6%

81.6%

82.3%

83.8%

Total Stabilized Portfolio Excluding KOP 2

81.5%

N/A

84.3%

N/A

Average Residential Occupancy

Quarter to Date

RESIDENTIAL PROPERTY

Campus

Submarket (2)

Total No. of Units

3/31/2026

12/31/2025

SAN DIEGO, CALIFORNIA

3200 Paseo Village Way

One Paseo Living

Del Mar

608

95.0%

94.0%

________________________

(1)Includes all properties owned and included in the stabilized portfolio as of the end of the period presented. Excludes properties classified as held for sale.

(2)The Company defines the Del Mar submarket as Del Mar, Del Mar Heights, and Carmel Valley.

Kilroy Realty Q1 2026 Supplemental Report | 18

Where Innovation Works

Leases Executed (1)

Quarter to Date

# of Leases

Square Feet

Weighted

Average Lease

Term (Mo.)

TI/LC

Per Sq.Ft. (2)

TI/LC

Per Sq.Ft. /

Year (2)

New

Renewal

New

Renewal

Total

2nd Gen Leasing

245,362

44,476

289,838

$50.63

$11.06

1st Gen / Major Repositioning /

In-Process Development & Redevelopment Leasing

—

208,081

—

208,081

203

$321.52

$19.86

Total

453,443

44,476

497,919

Quarter to Date

2nd Gen Leasing Change in Rents

Changes in

GAAP Rents (3)

Changes in

Cash Rents (4)

Leases Signed On Space Vacant Less Than or Equal to 12 Months

19.2%

5.2%

All Leases Signed

(10.6)%

(16.8)%

Retention Rate Calculations

Quarter to Date

Retention Rate

18.5%

Retention Rate, including subtenants

33.4%

Leases Signed But Not Yet Commenced (5)

Period of Estimated Lease Commencement (6)

H1 2026

H2 2026

H1 2027

H2 2027

2028 and Beyond

Total

Square Feet

155,049

283,512

84,532

331,917

207,572

1,062,582

Annualized Base Rent (“ABR”)

$8,511

$14,421

$3,662

$24,718

$26,420

$77,732

ABR per Sq. Ft.

$54.89

$50.87

$43.32

$74.47

$127.28

$73.15

Net Leases

86%

Gross Leases

14%

Total ABR

100%

________________________

(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year (i.e. short-term leases). During the three months ended March 31, 2026, the Company signed 70,154

square feet of short-term leases, comprised of 32,537 square feet of new leasing on vacant space and 37,617 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 789,462 square feet of new leasing on previously vacant space, 144,798 square feet of non-stabilized development leasing, and 128,322 square feet that has been backfilled or released to a subtenant as of

March 31, 2026, but had not yet commenced.

(6)Represents achievement of revenue recognition for the associated lease agreements.

Kilroy Realty Q1 2026 Supplemental Report | 19

Where Innovation Works

Stabilized Portfolio Capital Expenditures

($ in thousands)

Quarter to Date

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Second Generation Capital Expenditures: (1)

Capital Improvements

$2,974

$10,068

$9,529

$13,548

$6,635

Tenant Improvements & Leasing Commissions

15,769

21,656

27,430

20,492

10,743

Total

$18,743

$31,724

$36,959

$34,040

$17,378

Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters

15.2%

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Major Repositioning Capital Expenditures: (2)

Capital Improvements

$—

$60

$39

$702

$93

Total

$—

$60

$39

$702

$93

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

First Generation Capital Expenditures:

Tenant Improvements & Leasing Commissions

$8,980

$5,098

$4,268

$5,834

$3,914

Total

$8,980

$5,098

$4,268

$5,834

$3,914

________________________

(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 Q1 2026 Supplemental Report | 20

Where Innovation Works

Stabilized Portfolio Lease Expirations (1) (2)

($ in thousands, except for Annualized Base Rent per sq. ft.)

# of Expiring Leases

% of Total Leased Sq. Ft.

5.6%

8.2%

9.6%

11.1%

13.1%

19.5%

9.7%

9.0%

5.2%

4.8%

4.2%

ABR (3)

$36,656

$40,685

$78,270

$76,254

$104,294

$159,604

$84,641

$70,699

$45,637

$36,991

$34,957

% of Total ABR

4.8%

5.3%

10.2%

9.9%

13.6%

20.8%

11.0%

9.2%

5.9%

4.8%

4.5%

ABR per Sq. Ft.

$49.47

$37.80

$61.71

$52.36

$60.40

$62.61

$66.12

$59.47

$66.78

$57.98

$63.65

________________________

(1)Represents all in-place leases as of March 31, 2026, excluding intercompany leases.

(2)Adjusting for leases that have been backfilled or released to a subtenant as of March 31, 2026 but not yet commenced, the 2026, 2027, and 2028 expirations would be reduced by 14,012, 87,460, and 26,850 square

feet, respectively.

(3)Includes 100% of consolidated property partnerships.

Kilroy Realty Q1 2026 Supplemental Report | 21

Where Innovation Works

Stabilized Portfolio Lease Expirations by Region

($ in thousands, except for Annualized Base Rent per sq. ft.)

Year

Region

# of

Expiring Leases

Total

Square Feet

% of Total

Leased Sq. Ft.

Annualized

Base Rent (1)

% of Total

Annualized

Base Rent

Annualized Base

Rent per Sq. Ft.

2026

San Francisco Bay Area

215,972

1.7%

$15,161

2.1%

$70.20

Los Angeles

334,062

2.5%

14,192

1.8%

42.48

Seattle

163,443

1.2%

6,938

0.9%

42.45

San Diego

27,538

0.2%

365

—%

13.26

Austin

—

—%

—

—%

—

Total

741,015

5.6%

$36,656

4.8%

$49.47

2027

San Francisco Bay Area

33,449

0.3%

$1,596

0.2%

$47.71

Los Angeles

837,351

6.4%

29,829

3.9%

35.62

Seattle

136,180

1.0%

5,676

0.7%

41.68

San Diego

69,426

0.5%

3,584

0.5%

51.62

Austin

—

—%

—

—%

—

Total

1,076,406

8.2%

$40,685

5.3%

$37.80

2028

San Francisco Bay Area

825,355

6.3%

$53,027

6.9%

$64.25

Los Angeles

188,407

1.4%

11,166

1.5%

59.27

Seattle

44,923

0.3%

1,650

0.2%

36.73

San Diego

209,596

1.6%

12,427

1.6%

59.29

Austin

—

—%

—

—%

—

Total

1,268,281

9.6%

$78,270

10.2%

$61.71

2029

San Francisco Bay Area

524,111

4.0%

$28,616

3.7%

$54.60

Los Angeles

443,419

3.4%

22,955

3.0%

51.77

Seattle

232,111

1.8%

10,302

1.3%

44.38

San Diego

252,483

1.9%

14,146

1.9%

56.03

Austin

4,211

—%

235

—%

—

Total

1,456,335

11.1%

$76,254

9.9%

$52.36

2030

San Francisco Bay Area

842,110

6.4%

$54,748

7.1%

$65.01

Los Angeles

217,533

1.7%

12,907

1.7%

59.33

Seattle

461,342

3.5%

21,721

2.8%

47.08

San Diego

200,264

1.5%

14,513

1.9%

72.47

Austin

5,454

—%

405

0.1%

74.28

Total

1,726,703

13.1%

$104,294

13.6%

$60.40

2031

and

Beyond

San Francisco Bay Area

2,366,912

18.0%

$184,333

23.9%

$77.88

Los Angeles

1,073,695

8.2%

61,626

8.0%

57.40

Seattle

1,330,625

10.1%

59,243

7.7%

44.52

San Diego

1,502,231

11.4%

98,988

12.9%

65.89

Austin

615,179

4.7%

28,339

3.7%

46.07

Total

168

6,888,642

52.4%

$432,529

56.2%

$62.79

________________________

(1)Includes 100% of consolidated property partnerships.

Kilroy Realty Q1 2026 Supplemental Report | 22

Where Innovation Works

Top 20 Tenants (1)

($ in thousands)

Tenant Name

Region

Annualized

Base Rental

Revenue (2)

Rentable

Square Feet

Percentage of

Total Annualized

Base Rental

Revenue

Percentage of

Total Rentable

Square Feet

Year(s) of Significant

Lease Expiration(s) (3)

Weighted

Average

Remaining

Lease Term

(Years)

Global technology company

Seattle / San Diego

$44,696

849,826

5.8%

5.0%

2032 / 2033 / 2037

7.3

Cruise LLC

San Francisco Bay Area

35,449

374,618

4.6%

2.2%

2031

5.7

Stripe, Inc.

San Francisco Bay Area

33,110

425,687

4.3%

2.5%

2034

8.3

Adobe Systems, Inc.

San Francisco Bay Area / Seattle

27,897

537,368

3.6%

3.1%

2027 (4) / 2031

5.1

Salesforce, Inc.

San Francisco Bay Area / Seattle

24,706

472,016

3.2%

2.8%

2029 / 2030 / 2032

4.1

Okta, Inc.

San Francisco Bay Area

24,206

293,001

3.2%

1.7%

2028

2.6

DoorDash, Inc.

San Francisco Bay Area

23,842

236,759

3.1%

1.4%

2032

5.8

Netflix, Inc.

Los Angeles

21,854

361,388

2.8%

2.1%

2032

6.3

Cytokinetics, Inc.

San Francisco Bay Area

18,167

234,892

2.4%

1.4%

2033

7.6

Box, Inc.

San Francisco Bay Area

16,853

287,680

2.2%

1.7%

2028

2.3

DIRECTV, LLC

Los Angeles

16,085

532,956

2.1%

3.1%

2026 / 2027 (5)

1.4

Tandem Diabetes Care, Inc.

San Diego

15,884

181,949

2.1%

1.1%

2035

9.1

Synopsys, Inc.

San Francisco Bay Area

15,492

342,891

2.0%

2030

4.4

Neurocrine Biosciences, Inc.

San Diego

14,397

273,021

1.9%

1.6%

2029 / 2031

5.0

Viacom International, Inc.

Los Angeles

13,718

220,330

1.8%

1.3%

2028

2.8

Indeed, Inc.

Austin CBD

13,430

330,394

1.8%

1.9%

2034

8.8

Sony Group Corporation

San Francisco Bay Area / Los Angeles

13,397

131,642

1.7%

0.8%

2030

4.0

Amazon.com

Seattle

12,921

283,979

1.7%

2030

3.9

Nektar Therapeutics, Inc.

San Francisco Bay Area

12,297

135,974

1.6%

0.8%

2030

3.8

Splunk, Inc.

San Francisco Bay Area

10,323

100,850

1.3%

0.6%

2031

5.7

Total Top 20 Tenants

$408,724

6,607,221

53.2%

38.8%

5.3

________________________

(1)Includes subsidiaries of the tenant listed.

(2)The information presented is based upon Annualized Base Rent as of March 31, 2026 and includes 100% of consolidated property partnerships.

(3)Significant lease expirations include those greater than 25,000 rentable square feet.

(4)The 2027 lease expiration represents 31,409 rentable square feet that expires on June 30, 2027.

(5)The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026, and the 2027 lease expiration represents the remaining 483,701 rentable square feet that expires on September

30, 2027.

Kilroy Realty Q1 2026 Supplemental Report | 23

Where Innovation Works

Tenant Industry Diversification (1)

Annualized Base Rent (2)

Square Feet (2)

________________________

(1)Based on the North American Industry Classification System as of March 31, 2026.

(2)Includes 100% of consolidated property partnerships. Based on occupied square footage in the Stabilized Portfolio as of March 31, 2026, excluding month-to-month and intercompany leases.

Kilroy Realty Q1 2026 Supplemental Report | 24

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

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 Q1 2026 Supplemental Report | 25

Where Innovation Works

2026 Dispositions, Held for Sale, and Assets Under Contract

($ in millions)

Operating Property Dispositions

Submarket

Month of

Disposition

Number of

Buildings

Rentable

Square Feet

Sales

Price (1)

1st Quarter

Office

Kilroy Sabre Springs (2)

I-15 Corridor

January

427,764

$124.5

12348 High Bluff Drive (Del Mar Tech Center)

Del Mar

March

39,192

21.0

Total Office

466,956

$145.5

Operating Properties Held for Sale and Development Pipeline Under Contract

Submarket

Units / Acreage

Under Contract

Anticipated

Sales Price (1)

Operating Properties Held for Sale

Hollywood Residential Properties (3)

Hollywood

393 Units

$202.0

Total

$202.0

Development Pipeline - Under Contract (4) (5)

1633 26th Street

West Los Angeles

2 acres

$41.0

Santa Fe Summit - PA1

56 Corridor

5 acres

38.0

Santa Fe Summit - PA2

56 Corridor

17 acres

86.0

Total

$165.0

Total Anticipated Proceeds

$367.0

________________________

(1)Represents actual or anticipated gross sales price before the impact of commissions, closing costs, and purchase price credits.

(2)Kilroy Sabre Springs includes the following buildings: 13480, 13500, and 13520 Evening Creek Drive North, San Diego, CA.

(3)The Hollywood Residential Properties include the 200-unit Columbia Square Living property located at 1550 N. El Centro Avenue, Los Angeles, CA and the 193-unit Jardine property located at 6390 De Longpre

Avenue, Los Angeles, CA. The sale of these properties closed in April 2026.

(4)Subject to a purchase and sale agreement and non-refundable deposit as of the date of this filing.

(5)All development sites are anticipated to close upon receipt of residential entitlements and permits, which is expected to occur beginning in phases in late 2026.

Kilroy Realty Q1 2026 Supplemental Report | 26

Where Innovation Works

Consolidated Ventures (Noncontrolling Property Partnerships)

(unaudited, $ in thousands)

Property

Venture Partner

Submarket

Portfolio

Rentable Square Feet

KRC Ownership % (1)

100 First Street, San Francisco, CA

Norges Bank Investment Management

San Francisco CBD

Stabilized

480,457

56%

303 Second Street, San Francisco, CA

Norges Bank Investment Management

San Francisco CBD

Stabilized

784,658

56%

900 Jefferson Avenue and 900 Middlefield Road,

Redwood City, CA (2)

Local developer

Other Peninsula

Stabilized

347,842

93%

1900 Broadway, Redwood City, CA

Local developer

Other Peninsula

Development

251,000

97%

Stabilized Portfolio Consolidated Venture Net Operating Income Reconciliation

Three Months Ended March 31,

2026

2025

Cash Operating Revenues:

Base rent

$26,289

$27,480

Tenant reimbursements

3,992

3,513

Other revenues (3)

(1,083)

Other property income (4)

495

494

Total cash operating revenues

30,820

30,404

Cash Operating Expenses:

Property expenses

6,270

6,210

Real estate taxes

2,287

2,230

Total cash operating expenses

8,557

8,440

Cash Net Operating Income

22,263

21,964

Deferred income and lease incentives, net (5)

371

Amortization of deferred revenue related to tenant-funded tenant improvements

441

462

Straight-line rents, net

(793)

(891)

Net Operating Income

22,282

21,906

Lease termination fees

134

General and administrative expenses

(9)

—

Leasing costs

(22)

(19)

Other expense

—

(4)

Depreciation and amortization

(7,993)

(8,122)

Net Income

$14,392

$13,895

KRC Share of Cash Net Operating Income (6)

$14,533

$14,679

________________________

(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.

Development

–Stabilized Development & Redevelopment Projects

–In-Process Development & Redevelopment Projects

–Future Development Pipeline

Kilroy Oyster Point Phase 2, South San Francisco, CA

Kilroy Realty Q1 2026 Supplemental Report | 28

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 3/31/2026

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

44%

49%

Total

871,738

$1,175

44%

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 Q1 2026 Supplemental Report | 29

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 3/31/2026

As of Filing

None

—

$—

—%

Total

—

$—

—%

Kilroy Realty Q1 2026 Supplemental Report | 30

Where Innovation Works

Future Development Pipeline

($ in millions)

Location

Approx. Developable

Square Feet / Resi Units (1)

Total Cash Costs

Incurred as of

3/31/2026 (2)

San Francisco Bay Area

Flower Mart

San Francisco CBD

2,300,000

$673

Kilroy Oyster Point - Phases 3 and 4

South San Francisco

875,000 - 1,000,000

244

1900 Broadway (3)

Other Peninsula

251,000

Los Angeles

1633 26th Street (4)

West Los Angeles

190,000

Seattle

SIX0

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

Kilroy East Village

East Village

1,100 units

Austin

Stadium Tower

Stadium District / Domain

493,000

Total

$1,511

________________________

(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 March 31, 2026, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GAAP.

(3)Owned in a consolidated joint venture. Project is 58% pre-leased and is anticipated to commence construction in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to

be 97%.

(4)Subject to signed purchase and sale agreements and non-refundable deposits as of the date of this filing. Refer to page 25 “2026 Dispositions, Held for Sale, and Assets Under Contract” for additional information.

Debt &

Capitalization Data

–Capital Structure

–Debt Maturities

–Debt Covenants & Leverage Ratios

Blackwelder, Culver City, CA

Kilroy Realty Q1 2026 Supplemental Report | 32

Where Innovation Works

Capital Structure

As of March 31, 2026

($ in thousands)

Shares /

Units

Aggregate Principal

Amount or $

Value Equivalent

% of Total

Market

Capitalization

Stated

Rate (1)

Effective

Rate (2)

Maturity Date

Unsecured Debt

Revolving Credit Facility (3)

$—

—%

4.88%

7/31/2028

Term Loan Facility (4)

200,000

2.5%

4.97%

5.17%

10/3/2027

Private Placement Senior Notes Series A due 2026 (5)

50,000

0.7%

4.30%

4.39%

7/18/2026

Private Placement Senior Notes Series B due 2026

200,000

2.5%

4.35%

4.44%

10/18/2026

Private Placement Senior Notes Series A due 2027

175,000

2.2%

3.35%

3.42%

2/17/2027

Private Placement Senior Notes Series B due 2029

75,000

1.0%

3.45%

3.51%

2/17/2029

Private Placement Senior Notes due 2031

350,000

4.4%

4.27%

4.32%

1/31/2031

Senior Notes due 2028 (6)

400,000

5.0%

4.75%

4.87%

12/15/2028

Senior Notes due 2029

400,000

5.0%

4.25%

4.38%

8/15/2029

Senior Notes due 2030

500,000

6.3%

3.05%

3.17%

2/15/2030

Senior Notes due 2032 (6)

425,000

5.4%

2.50%

2.63%

11/15/2032

Senior Notes due 2033 (6)

450,000

5.7%

2.65%

2.73%

11/15/2033

Senior Notes due 2035

400,000

5.0%

5.88%

6.08%

10/15/2035

Senior Notes due 2036

400,000

5.0%

6.25%

6.41%

1/15/2036

$4,025,000

50.7%

4.14%

4.42%

Secured Debt (7)

100 Hooper St., San Francisco Bay Area

$147,830

1.9%

3.57%

3.80%

12/1/2026

320 Westlake Ave. N. and 321 Terry Ave. N., Seattle

76,012

1.0%

4.48%

4.57%

7/1/2027

One Paseo Mixed-Use Campus, San Diego

375,000

4.7%

5.90%

6.13%

8/10/2034

$598,842

7.6%

5.14%

5.36%

Total Debt

$4,623,842

58.3%

4.27%

4.54%

Equity and Noncontrolling Interest in the Operating Partnership (8)

Common limited partnership units outstanding (9)

1,133,562

$31,978

0.4%

Shares of common stock outstanding

116,278,807

3,280,225

41.3%

Total Equity and Noncontrolling Interest in the Operating

Partnership

$3,312,203

41.7%

Total Market Capitalization

$7,936,045

100.0%

________________________

(1)The unsecured revolving credit facility and unsecured term loan facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 1.100%

and 1.200%, respectively, based on the Company’s credit rating, as of March 31, 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 maturity of the unsecured revolving credit facility does not assume the exercise of the Company's two six-month extension options.

(4)The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election.

(5)In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par.

(6)Green bond.

(7)The mortgage notes are secured by the properties listed.

(8)Value based on closing share price of $28.21 as of March 31, 2026.

(9)Includes common units of the Operating Partnership not owned by the Company. Excludes noncontrolling interests in consolidated property partnerships.

Kilroy Realty Q1 2026 Supplemental Report | 33

Where Innovation Works

Debt Maturities

As of March 31, 2026

($ in thousands)

Total Debt (4)

$399,717

$449,125

$400,000

$475,000

$500,000

$350,000

$425,000

$450,000

$375,000

$400,000

Weighted

Average

Stated Rate

4.06%

4.26%

4.75%

4.12%

3.05%

4.27%

2.50%

2.65%

5.90%

5.88%

6.25%

% of Total

10%

11%

________________________

(1)In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par.

(2)The maturity of the unsecured term loan facility assumes the exercise of one remaining 12-month extension option, at the Company’s election.

(3)As of March 31, 2026, there was no outstanding balance on the unsecured revolving credit facility maturing on July 31, 2028. The unsecured revolving credit facility has two six-month extension options available, at the

Company's election.

(4)Includes scheduled principal payments for amortizing loans.

Kilroy Realty Q1 2026 Supplemental Report | 34

Where Innovation Works

Debt Covenants & Leverage Ratios

($ in thousands)

KEY DEBT COVENANTS (1)

Covenant

Actual Performance

as of March 31, 2026

Unsecured Credit and Term Loan Facilities and Private Placement Notes:

Total debt to total asset value

less than 60%

34%

Fixed charge coverage ratio

greater than 1.5x

3.2x

Unsecured debt ratio

greater than 1.67x

2.79x

Unencumbered asset pool debt service coverage

greater than 1.75x

3.57x

Unsecured Senior Notes due 2028, 2029, 2030, 2032, 2033, 2035, and 2036:

Total debt to total asset value

less than 60%

35%

Interest coverage

greater than 1.5x

5.1x

Secured debt to total asset value

less than 40%

Unencumbered asset pool value to unsecured debt

greater than 150%

298%

NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

Total principal amount of debt

$4,623,842

$4,625,442

$4,627,026

$4,628,595

$4,630,149

Cash and cash equivalents

(192,904)

(179,316)

(372,416)

(193,129)

(146,711)

Net debt

$4,430,938

$4,446,126

$4,254,610

$4,435,466

$4,483,438

Trailing 12-months Company's Share of EBITDAre (2)(3)

$631,178

$637,314

$660,337

$674,686

$677,632

Trailing 12-months Company's Share of Adjusted EBITDAre (2)(3)

$624,388

$630,344

$650,782

$658,562

$651,936

Net Debt to Company's Share of EBITDAre Ratio

7.0x

6.4x

6.6x

Net Debt to Company's Share of Adjusted EBITDAre Ratio

7.1x

6.5x

6.7x

6.9x

________________________

(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 December 31, 2024, September 30, 2024, and June 30, 2024.

Non-GAAP

Supplemental

Measures

West8, Seattle, WA

Kilroy Realty Q1 2026 Supplemental Report | 36

Where Innovation Works

Management Statements on Non-GAAP Supplemental Measures

This section includes management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with

respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on April 27, 2026

and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results

of operations.

Net Operating Income:

Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics

are defined as follows:

•Net Operating Income - Consolidated operating revenues comprised of rental income and other property income, excluding lease termination fees, less

consolidated property and related expenses (property expenses, real estate taxes, and ground leases).

•Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant-

funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, the amortization of net below

market rents, and related provision for bad debts).

•Same Property Cash Net Operating Income - Cash NOI for all of the properties that were owned and included in the Company’s Stabilized Portfolio for

two comparable reporting periods.

The Company excludes lease termination fees from the calculation of rental revenue for the Company’s NOI metrics as it is non-recurring in nature and its exclusion

will provide a measure that the Company believes is more indicative of its operating performance. Other real estate investment trusts (“REITs”) may use different

methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI metrics may not be comparable to other REITs.

The Company uses these NOI metrics to evaluate its operating performance on a portfolio basis since the NOI metrics allow the Company to evaluate the impact

that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management

believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to

other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry.

Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and

amortization, other income and expenses, impairment of real estate assets, and gains and losses, they provide performance measures that, when compared year

over year, reflects the consolidated revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from

trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Additionally, because

Same Property Cash NOI excludes the change in Cash NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights

operating trends on a cash basis such as occupancy levels, rental rates and operating costs on properties.

The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they do not reflect general and

administrative expenses, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the

level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities

which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should

not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio.

Kilroy Realty Q1 2026 Supplemental Report | 37

Where Innovation Works

Management Statements on Non-GAAP Supplemental Measures, continued

EBITDA, EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:

The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Real Estate (“EBITDAre”) in accordance with the 2017 White

Paper on EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense,

depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on the sale of depreciable real estate and non-real estate assets, net

income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and

impairment losses (EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO,

management believes EBITDAre gives the investment community a more complete understanding of the Company’s consolidated operating results, including the

impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates

comparisons with competitors. Management also believes it is appropriate to present EBITDAre as it is used in several of the Company’s financial covenants for both

its secured and unsecured debt. However, EBITDAre should not be viewed as an alternative measure of the Company’s operating performance since it excludes

financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the Company’s results of operations

and liquidity. Other REITs may use different methodologies for calculating EBITDAre and, accordingly, the Company’s EBITDAre calculation may not be comparable

to other REITs. The Company’s Share of EBITDAre is EBITDAre less amounts attributable to noncontrolling interests in consolidated property partnerships. The

Company’s Share of Adjusted EBITDAre is the Company’s share of EBITDAre less interest income.

Net Debt to Company's Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio:

Management believes that the ratios of the principal balance of debt, less cash and cash equivalents and certificates of deposit, divided by the Company’s share of

EBITDAre as well as the Company's share of Adjusted EBITDAre are useful supplemental measures of the level of borrowed capital being used to increase the

potential return of the Company’s real estate investments and proxies for a measure management believes is used by many lenders and rating agencies to evaluate

the Company’s ability to repay and service its debt obligations. The Company believes the ratios are beneficial disclosure to investors as supplemental means of

evaluating its ability to meet obligations senior to those of the equity holders. Other REITs may use different methodologies for calculating these ratios and,

accordingly, the Company’s Net Debt to Company’s Share of EBITDAre Ratio and Net Debt to Company's Share of Adjusted EBITDAre Ratio may not be

comparable to other REITs.

Kilroy Realty Q1 2026 Supplemental Report | 38

Where Innovation Works

Management Statements on Non-GAAP Supplemental Measures, continued

Funds From Operations:

The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White

Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding

depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and

impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable

real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of

unconsolidated affiliates to FFO. The calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes

the depreciation of the related tenant improvement assets. The Company also adds back net income attributable to noncontrolling common units of the Operating

Partnership because it reports FFO attributable to common stockholders and common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the

sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity

and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of

REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly,

the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over

time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of

operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real

estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance

relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP

presentations alone would provide.

FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or

the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic

costs and could materially impact the Company’s results from operations.

Funds Available for Distribution:

Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of

the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures,

amortization of deferred revenue related to tenant-funded tenant improvements, straight-line rents, net, amortization of net above (below) market rents for acquisition

properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards,

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 other REITs.

Definitions &

Reconciliations

2100 Kettner, San Diego, CA

Kilroy Realty Q1 2026 Supplemental Report | 40

Where Innovation Works

Definitions Included in Supplemental

Annualized Base Rent:

Annualized monthly contractual base rents from existing tenants in occupancy, including the impact of the straight-lining of rent escalations and the

amortization of free rent periods and excluding the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements,

amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Amounts

represent percentage of total portfolio annualized contractual base rental revenue.

Capital Expenditures:

Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions.

Effective Rate:

Represents the Stated Rate, including the impact of the amortization of any premiums/discounts and debt issuance costs.

Estimated Stabilization Date (Development):

Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction

activities for office, life science, and retail properties, and the date of substantial completion for residential properties.

FAD Payout Ratio:

Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted

stock unitholders) divided by FAD.

First Generation ("1st Gen"):

Vacant space at acquisition properties and space not yet leased at recently completed Development and Redevelopment Properties that have been added to

the Stabilized Portfolio. Capital expenditures for first generation space do not include expenditures for In-Process development and Redevelopment Projects.

These costs are not subtracted in the calculation of FAD.

Fixed Charge Coverage Ratio - Company’s Share of EBITDAre:

Calculated as Company’s Share of current period EBITDAre divided by gross interest expense (excluding amortization of deferred debt issuance costs and

debt discounts/premiums) and current year accrued preferred dividends.

FFO Payout Ratio:

Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted

stock unitholders) divided by FFO attributable to common stockholders and unitholders.

Gross Lease Types:

Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses.

Kilroy Realty Q1 2026 Supplemental Report | 41

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Definitions Included in Supplemental, continued

Interest Coverage Ratio:

Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt premiums/discounts).

Major Repositioning:

Space for which significant non-recurring capital expenditures are incurred to reposition and is expected to result in additional revenue generated when re-

leased. Capital improvements for this space are not subtracted in the calculation of FAD. Tenant improvement and leasing commissions for this space are

included in 2nd Gen Capital Expenditures.

Net Leases Types:

Represents leases where the tenant is obligated to pay a share of certain operating expenses.

Net Operating Income Margin:

Calculated as Net Operating Income divided by total revenues.

Percentage Leased

Represents Percentage Occupied, adjusted for leases executed but have not yet achieved revenue recognition.

Percentage Occupied

Represents economic occupancy for space that has achieved revenue recognition for the associated lease agreements.

Redevelopment Properties/Projects:

Properties or projects for which the Company expects to spend significant development and construction costs pursuant to a formal plan to change its use.

Rentable Square Feet:

Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this

report are calculated based on rentable square feet at the end of the period(s) presented.

Retention Rate (Leases Executed):

Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space

renewed by existing tenants and lease expirations during the period. Excludes square footage of short-term leases.

Kilroy Realty Q1 2026 Supplemental Report | 42

Where Innovation Works

Definitions Included in Supplemental, continued

Retention Rate (Leases Executed Including Subtenants):

Retention rate, inclusive of leases with subtenants where the Company does not expect to experience downtime in occupancy between leases.

Same Property Portfolio:

The Same Property Portfolio includes all properties owned and included in the Stabilized Portfolio for two comparable reporting periods, i.e., owned and

included in the Stabilized Portfolio as of January 1, 2025 and still owned and included in the Stabilized Portfolio as of March 31, 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)

103,731

Dispositions and Held for Sale (2)

(1)

(39,192)

Remeasurements

—

(317)

Same Property Portfolio as of March 31, 2026

113

15,613,635

Stabilized Development Property Excluded from Same Property

972,226

Stabilized Acquisition Properties Excluded from Same Property

538,532

Stabilized Portfolio as of March 31, 2026

123

17,124,393

________________________

(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, measured in units, as well as Kilroy Sabre Springs, which was classified as held for sale as of December 31,

2025 and not included in the Same Property Portfolio.

Second Generation ("2nd Gen"):

Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.

Excludes leases with a lease term of less than one year. Capital expenditures for space that was vacant when the property was acquired and tenant

improvement and leasing commission capital expenditures for projects classified as Major Repositioning are captured in 2nd Gen Capital Expenditures.

Kilroy Realty Q1 2026 Supplemental Report | 43

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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

871,738

Dispositions (2)

(1)

(39,192)

Remeasurements

—

(317)

Stabilized Portfolio as of March 31, 2026

123

17,124,393

________________________

(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.

Stated Rate:

The rate at which interest expense is recorded per the respective loan documents.

Straight-Line Rents, Net:

Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable

balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.

Tenant Improvement Phase:

Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building

modifications before being placed in service.

Total Debt

Represents the gross aggregate principal amount due as of March 31, 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

17,124,393

Total Portfolio as of March 31, 2026

123

17,124,393

Kilroy Realty Q1 2026 Supplemental Report | 44

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Reconciliation of Net (Loss) Income Available to Common

Stockholders to Same Property Cash Net Operating Income (1)

(unaudited, $ in thousands)

Three Months Ended

3/31/2026

3/31/2025

Net (Loss) Income Available to Common Stockholders

$(19,267)

$39,008

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185)

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,298

Net (Loss) Income

(14,673)

43,681

Adjustments:

Impairment of real estate assets

61,778

—

Gains on sales of depreciable operating properties

(23,525)

—

Depreciation and amortization

94,344

87,119

Interest expense

38,511

31,148

Interest income

(954)

(1,134)

Other (income) expense

(389)

157

Leasing costs

3,010

2,873

General and administrative expenses

20,699

16,901

Lease termination fees

(398)

(506)

Net Operating Income

178,403

180,239

Other (2)

Deferred settlement and restoration fee income

—

(337)

Amortization of net below market rents

(641)

(846)

Straight-line rents, net

(701)

4,613

Amortization of deferred revenue related to tenant-funded tenant improvements

(3,218)

(3,688)

Deferred income and lease incentives, net (3)

(1,060)

(834)

Cash Net Operating Income

172,852

179,225

Non-Same Property Cash Net Operating Income

(4,210)

(13,563)

Same Property Cash Net Operating Income

$168,642

$165,662

________________________

(1)Based upon the Same Store Portfolio as of March 31, 2026, which was comprised of 113 properties.

(2)Includes other non-cash amounts primarily related to ground rent expense.

(3)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.

Kilroy Realty Q1 2026 Supplemental Report | 45

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Reconciliation of Historical Net Income Available to Common

Stockholders to Company’s Share of Adjusted EBITDAre

(unaudited, $ in thousands)

Three Months Ended

12/31/2024

9/30/2024

6/30/2024

Net Income Available to Common Stockholders

$59,460

$52,378

$49,211

Interest expense

33,245

36,408

36,763

Depreciation and amortization

89,121

91,879

87,151

EBITDA

181,826

180,665

173,125

Net income attributable to noncontrolling common units of the Operating Partnership

593

509

458

Net income attributable to noncontrolling interests in consolidated property partnerships

4,981

4,786

4,878

Gain on sales of long-lived assets

(5,979)

—

EBITDAre

181,421

185,960

178,461

EBITDAre attributable to noncontrolling interests in consolidated property partnerships

(7,843)

(7,485)

(7,601)

Company's Share of EBITDAre

173,578

178,475

170,860

Interest income

(4,790)

(9,688)

(10,084)

Company's Share of Adjusted EBITDAre

$168,788

$168,787

$160,776

Kilroy Realty Q1 2026 Supplemental Report | 46

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Reconciliation of GAAP Net Cash Provided by Operating Activities to

Funds Available for Distribution

(unaudited, $ in thousands)

Three Months Ended

3/31/2026

12/31/2025

9/30/2025

6/30/2025

3/31/2025

GAAP Net Cash Provided by Operating Activities

$150,695

$109,078

$176,568

$143,746

$136,921

Adjustments:

Recurring tenant improvements, leasing commissions and capital expenditures

(18,743)

(31,724)

(36,959)

(34,040)

(17,378)

Depreciation of non-real estate furniture, fixtures, and equipment

(1,459)

(1,410)

(1,407)

(1,382)

(1,384)

Net changes in operating assets and liabilities (1)

(30,811)

22,819

(31,579)

9,245

(2,308)

Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD

(7,207)

(6,177)

(5,411)

(13,201)

(6,490)

Cash adjustments related to investing and financing activities

(1,369)

(2,052)

(273)

(479)

(265)

Funds Available for Distribution

$91,106

$90,534

$100,939

$103,889

$109,096

________________________

(1)Primarily includes changes in the following assets and liabilities: marketable securities, current receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, rents received

in advance, and tenant security deposits.

This Supplemental Financial Report contains "forward-looking statements"

within the meaning of Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These statements include, among other things, information

concerning lease expirations, debt maturities, potential investments,

development and redevelopment activity, projected construction costs,

dispositions, and other forward-looking financial data. In some instances,

forward-looking statements can be identified by the use of forward-looking

terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”,

and variations of such words and similar expressions that do not relate to

historical matters. Forward-looking statements are based on Kilroy Realty

Corporation’s current expectations, beliefs, and assumptions, and are not

guarantees of future performance. Forward-looking statements are

inherently subject to uncertainties, risks, changes in circumstances, trends,

and factors that are difficult to predict, many of which are outside of Kilroy

Realty Corporation’s control. Accordingly, actual performance, results, and

events may vary materially from those indicated or implied in the forward-

looking statements, and you should not rely on the forward-looking

statements as predictions of future performance, results, or events.

Numerous factors could cause actual future performance, results, and

events to differ materially from those indicated in the forward-looking

statements, including, among others: global market and general economic

conditions, including actual and potential tariffs and periods of heightened

inflation, and their effect on us and our tenants; adverse economic or real

estate conditions generally, and specifically, in the States of California,

Texas, and Washington; risks associated with our investment in real estate

assets, which are illiquid, and with trends in the real estate industry;

defaults on or non-renewal of leases by tenants; any significant downturn

in tenants’ businesses, including bankruptcy, lack of liquidity or lack of

funding, and the impact labor disruptions or strikes, such as episodic

strikes in the media industry, may have on our tenants’ businesses; our

ability to re-lease property at or above current market rates; reduced

demand for office space, including as a result of remote working and

flexible working arrangements that allow work from remote locations other

than an employer's office premises; costs to comply with government

regulations, including environmental remediation; the availability of cash

for distribution and debt service, and exposure to risk of default under debt

obligations; increases in interest rates and our ability to manage interest

rate exposure; changes in interest rates and the availability of financing on

attractive terms or at all, which may adversely impact our future interest

expense and our ability to pursue development, redevelopment, and

acquisition opportunities and refinance existing debt; a decline in real

estate asset valuations, which may limit our ability to dispose of assets at

attractive prices, or obtain or maintain debt financing, and which may result

in write-offs or impairment charges; significant competition, which may

decrease the occupancy and rental rates of properties; potential losses

that may not be covered by insurance; the ability to successfully complete

acquisitions and dispositions on announced terms; the ability to

successfully operate acquired, developed, and Redeveloped properties;

the ability to successfully complete development and Redevelopment

projects on schedule and within budgeted amounts; delays or refusals in

obtaining all necessary zoning, land use, and other required entitlements,

governmental permits and authorizations for our development and

Redevelopment properties; increases in anticipated capital expenditures,

tenant improvement, and/or leasing costs; defaults on leases for land on

which some of our properties are located; adverse changes to, or

enactment or implementations of, tax laws or other applicable laws,

regulations, or legislation, as well as business and consumer reactions to

such changes; risks associated with joint venture investments, including

our lack of sole decision-making authority, our reliance on co-venturers'

financial condition, and disputes between us and our co-venturers;

environmental uncertainties and risks related to natural disasters; risks

associated with climate change and our sustainability strategies, and our

ability to achieve our sustainability goals; and our ability to maintain our

status as a REIT. These factors are not exhaustive and additional factors

could adversely affect our business and financial performance. For a

discussion of additional factors that could materially adversely affect Kilroy

Realty Corporation’s business and financial performance, see the factors

included under the caption “Risk Factors” in Kilroy Realty Corporation’s

annual report on Form 10-K for the year ended December 31, 2025, and

its other filings with the Securities and Exchange Commission. All forward-

looking statements are based on currently available information and speak

only as of the dates on which they are made. Kilroy Realty Corporation

assumes no obligation to update any forward-looking statement made in

this Supplemental Financial Report that becomes untrue because of

subsequent events, new information, or otherwise, except to the extent we

are required to do so in connection with our ongoing requirements under

federal securities laws.

Where Innovation Works

EX-99.2

Filename: exhibit992.htm · Sequence: 3

exhibit992

Exhibit 99.2

Contact:

FOR RELEASE:

Doug Bettisworth

April 27, 2026

Vice President, Corporate Finance

(310) 481-8585

KILROY REALTY CORPORATION REPORTS

FIRST QUARTER FINANCIAL RESULTS

---------------

LOS ANGELES, April 27, 2026 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”)

today reported financial results for the first quarter ended March 31, 2026.

“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-

quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter

performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast,”

said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front,

selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently

allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased

development project in one of the Company’s best-performing submarkets.”

Financial Results

•Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for

the quarter ended March 31, 2025

•Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the

quarter ended March 31, 2026, as compared to Net income available to common stockholders of

$39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025

•Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended

March 31, 2026, as compared to $122.3 million, or $1.02 per diluted share, for the quarter ended

March 31, 2025

Leasing and Occupancy

•Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470

basis points of leases signed but not yet commenced

◦Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5%

occupied and 84.3% leased at March 31, 2026, representing 280 basis points of leases signed

but not yet commenced

•During the quarter, signed approximately 568,000 square feet of leases

◦Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant

space, 80,000 square feet of new leasing on currently occupied space, and 82,000 square feet

of renewal leasing

▪New leasing on vacant space included an approximately 145,000-square-foot

development lease with Cooley LLP, a global law firm. See “Joint Venture

Formation” section below for additional details

▪Leasing activity during the quarter included approximately 70,000 square feet of

short-term leasing

•GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%,

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 19.2% and 5.2%, respectively

Capital Recycling Activity

•In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot,

three-building campus in the I-15 Corridor submarket of San Diego, for gross sales proceeds of

$124.5 million

•In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office

property in the Del Mar submarket of San Diego, for gross sales proceeds of $21.0 million

•During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living

residential tower and the 193-unit Jardine residential tower in the Hollywood submarket of Los

Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales

proceeds of $202.0 million

Common Stock Repurchases

•During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted

average price of $30.80 per common share for an aggregate purchase price of $72.7 million

Joint Venture Formation

•In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood

City capable of supporting a 251,000-square-foot office building. Concurrent with closing, signed a

20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. Total

project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated

to commence in 2027, with delivery scheduled for 2030, at which time the Company’s ownership

interest is expected to be 97%

Dividend

•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per

share, equivalent to an annual rate of $2.16 per share. The dividend was paid on April 8, 2026 to

stockholders of record on March 31, 2026 (the ex-dividend date)

Recent Developments

•In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A

due July 2026, at par

Net Income Available to Common Stockholders / FFO Guidance

The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63

per diluted share, from the previous range of $3.25 to $3.45. The table below reflects key assumptions for

2026 guidance.

Key Assumptions

February 2026 Assumptions

April 2026 Assumptions

Average full year occupancy

76.0% to 78.0%

76.5% to 78.0%

Average full year occupancy excluding KOP 2

80.0% to 81.5%

80.5% to 81.5%

Same Property Cash Net Operating Income (“NOI”) growth (1) (2)

(1.50%) to 0.00%

0.25% to 1.25%

NOI from Development Properties (3)

$(23.5) to $(25.0) million

$(22.5) to $(24.0) million

Non-Cash GAAP NOI adjustments (1) (4)

$12.0 to $14.0 million

$13.0 to $15.0 million

GAAP lease termination fee income

$3.0 to $4.5 million

No change

General and administrative and Leasing costs

$(89.0) to $(91.0) million

$(87.5) to $(89.5) million

Interest income

$2.0 to $3.0 million

No change

Gross interest expense

$(212.0) to $(214.0) million

$(208.0) to $(209.5) million

Capitalized interest (5)

$32.0 to $34.0 million

$48.5 to $49.5 million

Total development spending (6)

$150.0 to $200.0 million

No change

Operating property dispositions

+/- $300.0 million

$347.5 to $500.0 million

Full Year 2026 Range

as of February 2026

Full Year 2026 Range

as of April 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

$0.59

$0.79

$0.08

$0.22

Weighted average common shares outstanding - diluted (7)

120,100

118,100

Net income available to common stockholders

$70,800

$95,040

$9,055

$25,743

Adjustments:

Net income attributable to noncontrolling common units of the

Operating Partnership

300

Net income attributable to noncontrolling interests in consolidated

property partnerships

17,000

Depreciation and amortization of real estate assets

342,000

379,400

Gain on sale of depreciable operating property

(8,200)

(23,525)

Impairment of real estate assets

—

61,778

Funds From Operations attributable to noncontrolling interests in

consolidated property partnerships

(28,000)

Funds From Operations (1)

$393,900

$418,140

$416,008

$432,696

Weighted average common shares/units outstanding – diluted (8)

121,200

119,200

Nareit Funds From Operations per common share/unit – diluted (1)

$3.25

$3.45

$3.49

$3.63

________________________

(1)For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” of the Company’s Supplemental Financial Report furnished on

Form 8-K for management statements on the Company’s non-GAAP measures.

(2)Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.

(3)NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now

assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(4)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-

line rents, net, Amortization of net below market rents, and Lease related adjustments and other.

(5)Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed

to be June 2026.

(6)Total development spending includes recently stabilized, in-process, and future development projects.

(7)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently

issuable shares.

(8)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of

contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common

stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to

common stockholders per share - diluted and FFO per share and unit - diluted included within this press

release, reflect management’s views on current and future market conditions, including assumptions with

respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press

release. These guidance estimates do not include the impact on the Company’s operating results from any

events outside of the Company’s control, as the timing and magnitude of any such events are not known at

the time the Company provides guidance. There can be no assurance that the Company’s actual results will

not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss first quarter results and the current business environment during

the Company’s April 28, 2026 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and

last approximately one hour. To participate and obtain conference call dial-in details, register by using the

following link, https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening

via the Internet can access the conference call at https://events.q4inc.com/attendee/264481752. It may be

necessary to download audio software to hear the conference call.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los

Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability,

building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable

real estate industry, the Company’s approach to modern business environments helps drive creativity and

productivity for some of the world’s leading technology, media, life science, and professional services

companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap

400 Index with more than seven decades of experience managing, developing, and acquiring office, life

science, and mixed-use projects.

As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of

primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has

608 residential units in San Diego, with a quarterly average occupancy of 95.0%.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our

sector. For over a decade, the Company and its sustainability initiatives have been recognized with

numerous honors, including earning the GRESB five star rating and being named a sector and regional

leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on

the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving

the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company

also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR

certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’

lives by focusing on development, celebrating our unique backgrounds, promoting employee health and

wellness, and dedicating ourselves to being a responsible corporate citizen through our community service

and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release 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. Forward-

looking statements are based on our 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 our control.

Accordingly, actual performance, results, and events may vary materially from those indicated or implied in

the forward-looking statements, and you should not rely on the forward-looking statements as predictions of

future performance, results, or events. Numerous factors could cause actual future performance, results, and

events to differ materially from those indicated in the forward-looking statements, including, among others:

global market and general economic conditions, including actual and potential tariffs and periods of

heightened inflation, and their effect on us and our tenants; adverse economic or real estate conditions

generally, and specifically, in the States of California, Texas, and Washington; risks associated with our

investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or

non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy,

lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the

media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current

market rates; reduced demand for office space, including as a result of remote working and flexible working

arrangements that allow work from remote locations other than an employer's office premises; costs to

comply with government regulations, including environmental remediation; the availability of cash for

distribution and debt service, and exposure to risk of default under debt obligations; increases in interest

rates and our ability to manage interest rate exposure; changes in interest rates and the availability of

financing on attractive terms or at all, which may adversely impact our future interest expense and our

ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a

decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or

obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant

competition, which may decrease the occupancy and rental rates of properties; potential losses that may not

be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced

terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to

successfully complete development and redevelopment projects on schedule and within budgeted amounts;

delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental

permits and authorizations for our development and redevelopment properties; increases in anticipated

capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of

our properties are located; adverse changes to, or enactment or implementations of, tax laws or other

applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes;

risks associated with joint venture investments, including our lack of sole decision-making authority, our

reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental

uncertainties and risks related to natural disasters; risks associated with climate change and our

sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our

status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business

and financial performance. For a discussion of additional factors that could materially adversely affect our

business and financial performance, see the factors included under the caption “Risk Factors” in our annual

report on Form 10-K for the year ended December 31, 2025, and our 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. We assume no obligation to update any forward-looking

statement made in this press release 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.

KILROY REALTY CORPORATION

SUMMARY OF QUARTERLY RESULTS

(unaudited; in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Revenues

$270,053

$270,844

Net (loss) income available to common stockholders

$(19,267)

$39,008

Weighted average common shares outstanding – basic

117,637

118,195

Weighted average common shares outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$(0.16)

$0.33

Net (loss) income available to common stockholders per share – diluted

$(0.16)

$0.33

Funds From Operations (1)(2)

$108,846

$122,310

Weighted average common shares/units outstanding – basic (3)

119,251

119,750

Weighted average common shares/units outstanding – diluted (4)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$0.91

$1.02

Funds From Operations per common share/unit – diluted (2)

$0.91

$1.02

Common shares outstanding at end of period

116,279

118,269

Common partnership units outstanding at end of period

1,134

1,151

Total common shares and units outstanding at end of period

117,413

119,420

March 31, 2026

March 31, 2025

Stabilized office portfolio occupancy rates: (5)

San Francisco Bay Area

75.2%

86.8%

Los Angeles

74.8%

72.7%

Seattle

79.3%

78.6%

San Diego

84.6%

87.5%

Austin

83.2%

76.4%

Weighted average total

77.6%

81.4%

Total square feet of stabilized office properties owned at end of period: (5)

San Francisco Bay Area

6,437

6,171

Los Angeles

4,242

4,340

Seattle

2,997

2,996

San Diego

2,689

2,870

Austin

759

Total

17,124

17,136

________________________

(1)Reconciliation of Net (loss) income available to common stockholders to Funds From Operations available to common stockholders and unitholders and

management statement on Funds From Operations are included after the Consolidated Statements of Operations.

(2)Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.

(3)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., certain time-based restricted stock units) and

assuming the exchange of all common limited partnership units outstanding.

(4)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of

contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

(5)Occupancy percentages and total square feet reported are based on the Company’s stabilized office portfolio for the periods presented.

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

March 31, 2026

December 31, 2025

ASSETS

Real Estate Assets

Land

$1,730,514

$1,641,913

Buildings and improvements

9,011,023

8,505,486

Undeveloped land and construction in progress

1,585,042

2,387,742

Total real estate assets held for investment

12,326,579

12,535,141

Accumulated depreciation and amortization

(2,857,265)

(2,843,811)

Total real estate assets held for investment, net

9,469,314

9,691,330

Real estate and other assets held for sale, net

188,771

115,155

Cash and cash equivalents

192,904

179,316

Marketable securities

31,417

30,807

Current receivables, net

15,712

12,765

Deferred rent receivables, net

425,420

424,794

Deferred leasing costs and acquisition-related intangible assets, net

271,213

278,232

Right of use ground lease assets, net

127,834

128,116

Prepaid expenses and other assets, net

52,273

54,561

TOTAL ASSETS

$10,774,858

$10,915,076

LIABILITIES AND EQUITY

Liabilities:

Secured debt, net

$591,398

$592,685

Unsecured debt, net

3,997,993

3,996,774

Accounts payable, accrued expenses, and other liabilities

303,808

288,963

Ground lease liabilities

127,414

127,628

Accrued dividends and distributions

63,421

65,009

Deferred revenue and acquisition-related intangible liabilities, net

122,272

125,628

Rents received in advance and tenant security deposits

79,638

75,701

Liabilities related to real estate assets held for sale

—

4,945

Total liabilities

5,285,944

5,277,333

Equity:

Stockholders’ Equity

Common stock

1,163

1,184

Additional paid-in capital

5,161,140

5,230,747

Retained earnings

102,859

188,876

Total stockholders’ equity

5,265,162

5,420,807

Noncontrolling Interests

Common units of the Operating Partnership

51,328

51,911

Consolidated property partnerships

172,424

165,025

Total noncontrolling interests

223,752

216,936

Total equity

5,488,914

5,637,743

TOTAL LIABILITIES AND EQUITY

$10,774,858

$10,915,076

KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Revenues

Rental income

$265,330

$266,244

Other property income

4,723

4,600

Total revenues

270,053

270,844

Expenses

Property expenses

59,283

58,714

Real estate taxes

28,782

28,365

Ground leases

3,187

3,020

General and administrative expenses

20,699

16,901

Leasing costs

3,010

2,873

Depreciation and amortization

94,344

87,119

Total expenses

209,305

196,992

Other Income (Expenses)

Interest income

954

1,134

Interest expense

(38,511)

(31,148)

Other income (expense)

389

(157)

Gains on sales of depreciable operating properties

23,525

—

Impairment of real estate assets

(61,778)

—

Total other expenses

(75,421)

(30,171)

Net (loss) income

(14,673)

43,681

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

185

(375)

Net income attributable to noncontrolling interests in consolidated property partnerships

(4,779)

(4,298)

Total net income attributable to noncontrolling interests

(4,594)

(4,673)

Net (loss) income available to common stockholders

$(19,267)

$39,008

Weighted average shares of common stock outstanding – basic

117,637

118,195

Weighted average shares of common stock outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$(0.16)

$0.33

Net (loss) income available to common stockholders per share – diluted

$(0.16)

$0.33

KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net (loss) income

$(14,673)

$43,681

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization of real estate assets and leasing costs

92,885

85,735

Depreciation of non-real estate furniture, fixtures, and equipment

1,459

1,384

Revenues deemed uncollectible

358

621

Non-cash amortization of deferred revenue related to tenant-funded tenant improvements

(3,218)

(3,688)

Straight-line rents, net

(701)

4,613

Non-cash amortization of net below-market rents

(641)

(846)

Non-cash amortization of deferred financing costs and debt discounts

1,662

1,219

Non-cash amortization of share-based compensation awards

4,869

3,927

Amortization of right of use ground lease assets

282

273

Gains on sales of depreciable operating properties

(23,525)

—

Impairment of real estate assets

61,778

—

Net change in other operating assets

131

(21,886)

Net change in other operating liabilities

30,029

21,888

Net cash provided by operating activities

150,695

136,921

Cash flows from investing activities:

Expenditures for development and redevelopment properties and undeveloped land

(102,647)

(55,347)

Expenditures for operating properties and other capital assets

(29,945)

(21,313)

Net proceeds received from dispositions of real estate assets

141,440

—

Non-refundable deposits received for future dispositions

6,200

—

Net cash provided by (used in) investing activities

15,048

(76,660)

Cash flows from financing activities:

Distributions to noncontrolling interests in consolidated property partnerships

(6,380)

(7,226)

Dividends and distributions paid to common stockholders and common unitholders

(64,534)

(64,366)

Taxes paid upon net share settlement of restricted share units

(6,970)

(6,009)

Principal payments and repayments of secured debt

(1,600)

(1,539)

Repurchase of common stock

(72,671)

—

Financing costs

—

(100)

Net cash used in financing activities

(152,155)

(79,240)

Net increase (decrease) in cash and cash equivalents

13,588

(18,979)

Cash and cash equivalents, beginning of period

179,316

165,690

Cash and cash equivalents, end of period

$192,904

$146,711

KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

Three Months Ended March 31,

2026

2025

Net (loss) income available to common stockholders

$(19,267)

$39,008

Adjustments:

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185)

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,298

Depreciation and amortization of real estate assets

92,885

85,735

Gains on sales of depreciable operating properties

(23,525)

—

Impairment of real estate assets

61,778

—

Funds From Operations attributable to noncontrolling interests in consolidated property

partnerships

(7,619)

(7,106)

Funds From Operations (1)(2)(3)

$108,846

$122,310

Weighted average common shares/units outstanding – basic (4)

119,251

119,750

Weighted average common shares/units outstanding – diluted (5)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$0.91

$1.02

Funds From Operations per common share/unit – diluted (2)

$0.91

$1.02

________________________

(1)The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018

Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in

accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains

and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly

attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from

consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of

deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back

net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and

common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses

from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the

Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard

for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different

methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes

predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have

considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes

depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete

measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating,

financing, and investing activities than the required GAAP presentations alone would provide.

FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and

amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties,

which are significant economic costs and could materially impact the Company’s results from operations.

(2)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

(3)FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.2

million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively.

(4)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., certain time-based restricted stock units) and

assuming the exchange of all common limited partnership units outstanding.

(5)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of

contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

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dei_EntityIncorporationStateCountryCode

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Data Type:

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Balance Type:

Period Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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