EX-99.1 2 exhibit991.htm EX-99.1
Kilroy Realty
Supplemental Financial Report
Q2 2025
Exhibit 99.1
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KILROY REALTY CORPORATION REPORTS
SECOND QUARTER FINANCIAL RESULTS
---------------
LOS ANGELES, July 28, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the second quarter
ended June 30, 2025.
“We are pleased to report on a strong quarter of execution across every facet of our business,” reported Angela Aman, CEO. “Leasing momentum
accelerated during the quarter, resulting in over 400,000 square feet of lease executions. In addition, we were active on the capital recycling front, with
significant progress recently made on both the monetization of land in our future development pipeline and on dispositions of non-strategic operating
properties, as institutional interest in West Coast office assets continues to improve.”
Financial Results
•Revenues of $289.9 million for the quarter ended June 30, 2025, as compared to $280.7 million for the quarter ended June 30, 2024
•Net income available to common stockholders of $68.4 million, or $0.57 per diluted share, for the quarter ended June 30, 2025, as compared to
$49.2 million, or $0.41 per diluted share, for the quarter ended June 30, 2024
•Funds from operations (“FFO”) of $135.9 million, or $1.13 per diluted share, for the quarter ended June 30, 2025, as compared to $132.6 million, or
$1.10 per diluted share, for the quarter ended June 30, 2024
Leasing and Occupancy
•Stabilized Portfolio was 80.8% occupied and 83.5% leased at June 30, 2025, representing 270 basis points of leases signed that have not
commenced
•During the quarter, signed approximately 423,000 square feet of leases
◦Leasing activity was comprised of 225,000 square feet of new leasing on previously vacant space, 26,000 square feet of new leasing on
currently occupied space, and 172,000 square feet of renewal leasing
▪Included 63,000 square feet of development and First Generation leasing, highlighted by an approximately 25,000 square foot lease
at the 4690 Executive Drive redevelopment project, as well as 77,000 square feet of short-term leasing
•GAAP and cash rents on leases signed during the quarter decreased 11.2% and 15.2%, respectively, from prior levels on Second Generation
leasing, excluding short-term leasing
Dispositions / Held for Sale
•In June, completed the sale of 501 Santa Monica Boulevard, an approximately 79,000 square foot operating property in West Los Angeles for gross
sales proceeds of $40.0 million ($509 per square foot)
•During the quarter, classified a four building campus in Silicon Valley as Held for Sale. The campus totals approximately 663,000 square feet and the
sale is expected to close late in the third quarter for gross sales proceeds of $365.0 million ($550 per square foot)
•As previously disclosed, in April, entered into an agreement, subject to a non-refundable deposit, to sell a portion of the land at Santa Fe Summit for
$38.0 million in gross sales proceeds. The transaction represents approximately five acres of the 22-acre site and is anticipated to close upon the
receipt of entitlements, which is expected to occur in 2026
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 July 9, 2025 to stockholders of record on June 30, 2025 (the ex-dividend date)
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Recent Developments
•Subsequent to quarter end, entered into an agreement, subject to a non-refundable deposit, for the sale of 1633 26th Street for gross sales
proceeds of $41.0 million. The transaction is anticipated to close upon the receipt of entitlements, which is expected to occur in 2026
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Net Income Available to Common Stockholders / FFO Guidance and Outlook
The Company is updating Nareit-defined FFO per share guidance for the full year 2025 to a range of $4.05 to $4.15 per diluted share, from the previous
range of $3.85 to $4.05 per diluted share.

Key Assumptions |  | May 2025 Assumptions |  | July 2025 Assumptions
Same Property Cash Net Operating Income (“NOI”) growth (1)(2) |  | (1.5%) to (3.0%) |  | (1.0%) to (2.0%)
Average full year occupancy |  | 80% to 82% |  | 80.5% to 81.5%
GAAP lease termination fee income |  | +/- $3 million |  | +/- $13 million (3)
Non-Cash GAAP NOI adjustments (4) |  | $2 million to $5 million |  | $4 million to $6 million
General and administrative and Leasing costs |  | $83 million to $85 million |  | $83 million to $85 million
Interest income |  | +/- $6.0 million |  | +/- $4.5 million
Capitalized interest |  | — |  | $81 million to $83 million (5)
Total development spending |  | $100 million to $200 million |  | $100 million to $200 million

| Full Year 2025 Range as of May 2025 |  | Full Year 2025 Range as of July 2025
| Low End |  | High End |  | Low End |  | High End
| $ and shares/units in thousands, except per share/unit amounts
Net income available to common stockholders per share - diluted | $1.08 |  | $1.29 |  | $1.44 |  | $1.54
Weighted average common shares outstanding - diluted (5) | 118,765 |  | 118,765 |  | 118,765 |  | 118,765
Net income available to common stockholders | $128,000 |  | $153,000 |  | $170,874 |  | $182,914
Adjustments: |  |  |  |  |  |  |
Net income attributable to noncontrolling common units of the Operating Partnership | 1,350 |  | 1,450 |  | 2,800 |  | 2,800
Net income attributable to noncontrolling interests in consolidated property partnerships | 21,000 |  | 21,500 |  | 23,300 |  | 23,300
Depreciation and amortization of real estate assets | 342,500 |  | 342,500 |  | 341,600 |  | 341,600
Gain on sale of depreciable operating property | — |  | — |  | (16,554) |  | (16,554)
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships | (29,250) |  | (30,750) |  | (34,400) |  | (34,400)
Funds From Operations (2) | $463,600 |  | $487,700 |  | $487,620 |  | $499,660
Weighted average common shares/units outstanding – diluted (6) | 120,400 |  | 120,400 |  | 120,400 |  | 120,400
Nareit Funds From Operations per common share/unit – diluted (2) | $3.85 |  | $4.05 |  | $4.05 |  | $4.15

________________________
(1)Commencing January 1, 2025, the Company began excluding lease termination fee income from NOI and Cash NOI. Same Property Cash NOI growth guidance for 2025 excludes the impact of lease termination fee
income.
(2)For additional information, please refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(3)The increase in GAAP lease termination fee income guidance is primarily related to a lease termination fee recognized at a consolidated property partnership. As a result, the increase in GAAP lease termination fee
income guidance should be evaluated in the context of the change in FFO attributable to noncontrolling interests in consolidated property partnerships in the reconciliation table above.
(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)July 2025 capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through the year-end 2025.
(6)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(7)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of
all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
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The Company’s guidance estimates for the full year 2025, and the reconciliation of Net income available to common stockholders per share - diluted and
FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including
assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance
estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or
losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are
not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these
estimates.
Conference Call and Audio Webcast
The Company’s management will discuss second quarter results and the current business environment during the Company’s July 29, 2025 earnings
conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details,
register by using the following link, https://www.netroadshow.com/events/login?show=3612b464&confId=84928. Those interested in listening via the Internet
can access the conference call at https://events.q4inc.com/attendee/431013799. It may be necessary to download audio software to hear the conference
call.
Table of Contents

Corporate Data & Financial Highlights |
Company Background | 2
Financial Highlights | 3
Consolidated Balance Sheets | 4
Consolidated Statements of Operations | 5
Funds From Operations & Funds Available for Distribution | 6
Supplemental Income Statement Detail | 7
Net Operating Income | 8
Same Property Net Operating Income Analysis (Cash Basis) | 9
EBITDAre | 10
Portfolio Data |
Stabilized Portfolio Occupancy Overview by Region | 12-16
Information on Leases Executed | 17
Stabilized Portfolio Capital Expenditures | 18
Stabilized Portfolio Lease Expirations | 19-20
Top 20 Tenants | 21
Tenant Industry Diversification | 22
2025 Operating Property Acquisitions | 23
2025 Property Dispositions, Held for Sale, and Development Pipeline Under Contract | 24
Consolidated Ventures (Noncontrolling Property Partnerships) | 25
Development |
Stabilized Development & Redevelopment Projects | 27
In-Process Development & Redevelopment Projects | 28
Future Development Pipeline | 29
Debt & Capitalization Data |
Capital Structure | 31
Debt Maturities | 32
Debt Covenants & Leverage Ratios | 33
Non-GAAP Supplemental Measures | 35-37
Definitions & Reconciliations | 39-45

The Post at Indeed Tower, Austin, TX
01
Corporate Data &
Financial Highlights
–Company Background
–Financial Highlights
–Consolidated Balance Sheets
–Consolidated Statements of Operations
–Funds From Operations & Funds Available for Distribution
–Supplemental Income Statement Detail
–Net Operating Income
–Same Property Net Operating Income Analysis (Cash Basis)
–EBITDAre
Jardine, Los Angeles, CA
Kilroy Realty Q2 2025 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, develops, acquires, and manages real estate assets consisting
primarily of premier properties in Los Angeles, San Diego, the San Francisco
Bay Area, Seattle, and Austin.
Stabilized Office & Life Science Space
16.4
118
buildings
at 6/30/2025
million square feet
at 6/30/2025
80.8%
83.5%
occupied portfolio at
6/30/2025
leased portfolio at
6/30/2025
Residential Units
1,001
93.8%
residential units in the
LA & SD regions
average occupancy
for the quarter ended
6/30/2025

Investor Relations
12200 W. Olympic Blvd., Suite 200
Los Angeles, CA 90064
(310) 481-8400
Web: www.kilroyrealty.com
E-mail: investorrelations@kilroyrealty.com
Doug S. Bettisworth | VP, Corporate Finance

Board of Directors
Edward F. Brennan, PhD | Chair
Angela M. Aman |
Daryl J. Carter |
Jolie A. Hunt |
Louisa G. Ritter |
Gary R. Stevenson |
Peter B. Stoneberg |
Executive and Senior Management Team
Angela M. Aman | Chief Executive Officer
Justin W. Smart | President
Jeffrey R. Kuehling | EVP, Chief Financial Officer and Treasurer
A. Robert Paratte | EVP, Chief Leasing Officer
Heidi R. Roth | EVP, Chief Administrative Officer
Sherrie S. Schwartz | EVP, Chief Human Resources Officer
Lauren N. Stadler | EVP, General Counsel and Secretary
Eliott L. Trencher | EVP, Chief Investment Officer
Merryl E. Werber | SVP, Chief Accounting Officer and Controller

Equity Research Coverage
Barclays | Brendan Lynch | (212) 526-9428
BofA Securities | Jana 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. | Omotayo Okusanya | (212) 250-9284
Evercore ISI | Steve Sakwa | (212) 446-9462
Goldman Sachs & Co. LLC | Caitlin Burrows | (212) 902-4736
Green Street Advisors | Dylan Burzinski | (949) 640-8780
Jefferies LLC | Peter Abramowitz | (212) 336-7241
J.P. Morgan | Anthony Paolone | (212) 622-6682
Keybanc Capital Markets | Upal Rana | (917) 368-2316
Mizuho Securities USA LLC | Vikram Malhotra | (212) 282-3827
RBC Capital Markets | Mike Carroll | (440) 715-2649
Scotiabank | Nicholas Yulico | (212) 225-6904
Wells Fargo | Blaine Heck | (410) 662-2556
Wolfe Research | Ally Yaseen | (646) 582-9253
Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

Kilroy Realty Q2 2025 Supplemental Report | 3

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

Three Months Ended |  |  |  | Six Months Ended
| 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
INCOME ITEMS: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $289,892 |  | $270,844 |  | $286,379 |  | $289,938 |  | $280,731 |  |  | $560,736 |  | $559,312
Lease Termination Fees (1) | 10,754 |  | 506 |  | 2,469 |  | 1,461 |  | 1,451 |  |  | 11,260 |  | 3,136
Capitalized Interest and Debt Costs | 21,333 |  | 20,548 |  | 21,312 |  | 20,827 |  | 20,515 |  |  | 41,881 |  | 40,322
Capitalized Internal Overhead Costs (2) | 3,807 |  | 4,634 |  | 4,614 |  | 5,472 |  | 5,334 |  |  | 8,441 |  | 10,558
Other Capitalized Development Costs (3) | 5,505 |  | 4,974 |  | 3,604 |  | 3,967 |  | 2,416 |  |  | 10,479 |  | 4,491
Non-Cash Amortization of Share-Based Compensation Awards | 4,582 |  | 3,927 |  | 4,443 |  | 4,576 |  | 5,314 |  |  | 8,509 |  | 8,695
EARNINGS METRICS: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income Available to Common Stockholders | $68,449 |  | $39,008 |  | $59,460 |  | $52,378 |  | $49,211 |  |  | $107,457 |  | $99,131
Net Operating Income (1)(4) | 190,779 |  | 180,239 |  | 193,645 |  | 195,230 |  | 187,996 |  |  | 371,018 |  | 375,581
EBITDAre (5) | 181,500 |  | 161,999 |  | 181,421 |  | 185,960 |  | 178,461 |  |  | 343,499 |  | 361,063
Company's Share of EBITDAre (5) | 167,914 |  | 154,719 |  | 173,578 |  | 178,475 |  | 170,860 |  |  | 322,633 |  | 344,802
Company's Share of Adjusted EBITDAre (5) | 167,402 |  | 153,585 |  | 168,788 |  | 168,787 |  | 160,776 |  |  | 320,987 |  | 321,528
Funds From Operations (6) | 135,891 |  | 122,310 |  | 144,875 |  | 140,448 |  | 132,587 |  |  | 258,201 |  | 266,310
Funds Available for Distribution (6) | 103,889 |  | 109,096 |  | 109,087 |  | 96,820 |  | 114,834 |  |  | 212,985 |  | 240,162
PER SHARE INFORMATION (7): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income Available to Common Stockholders per common share – diluted | $0.57 |  | $0.33 |  | $0.50 |  | $0.44 |  | $0.41 |  |  | $0.90 |  | $0.83
Funds From Operations per common share – diluted (6) | 1.13 |  | 1.02 |  | 1.20 |  | 1.17 |  | 1.10 |  |  | 2.15 |  | 2.21
Dividends declared per common share | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  |  | 2.16 |  | 2.16
RATIOS (8): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Operating Income Margin (1) | 65.8% |  | 66.5% |  | 67.6% |  | 67.3% |  | 67.0% |  |  | 66.2% |  | 67.2%
Net Debt to Company's Share of EBITDAre Ratio (5)(8) | 6.6x |  | 6.6x |  | 6.4x |  | 6.4x |  | 6.4x |  |  | N/A |  | N/A
Net Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8) | 6.7x |  | 6.9x |  | 6.8x |  | 6.9x |  | 6.8x |  |  | N/A |  | N/A
Fixed Charge Coverage Ratio - Net Income | 1.6x |  | 0.9x |  | 1.3x |  | 1.1x |  | 1.0x |  |  | 1.3x |  | 1.0x
Fixed Charge Coverage Ratio - EBITDAre (5) | 3.7x |  | 3.3x |  | 3.5x |  | 3.4x |  | 3.3x |  |  | 3.5x |  | 3.3x
Net Income Payout Ratio | 81.1% |  | 147.6% |  | 99.0% |  | 111.6% |  | 117.3% |  |  | 104.7% |  | 116.1%
FFO / FAD Payout Ratio (6) | 47.5% / 62.1% |  | 52.7% / 59.1% |  | 44.4% / 59.0% |  | 45.8% / 66.5% |  | 48.3% / 55.7% |  |  | 50.0% / 60.6% |  | 48.1% / 53.3%
STABILIZED PORTFOLIO INFORMATION: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Period End Occupancy Percentage | 80.8% |  | 81.4% |  | 82.8% |  | 84.3% |  | 83.7% |  |  | 80.8% |  | 83.7%
Period End Leased Percentage | 83.5% |  | 83.9% |  | 84.9% |  | 85.8% |  | 85.4% |  |  | 83.5% |  | 85.4%
Average Occupancy | 80.8% |  | 81.4% |  | 83.3% |  | 84.1% |  | 83.8% |  |  | 81.1% |  | 84.1%
Lease Composition (Net / Gross) (9) | 51% / 49% |  | 52% / 48% |  | 52% / 48% |  | 51% / 49% |  | 51% / 49% |  |  | N/A |  | N/A

________________________
Note: Refer to pages 39-42 “Definitions Included in Supplemental” for definitions for commonly used terms. Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(1)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net Operating Income as presented has been
conformed to the Company’s new definition.
(2)Primarily represents compensation costs capitalized to construction and development projects.
(3)Represents incidental property operating and carry costs capitalized to development projects.
(4)Refer to page 43 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
(5)Refer to pages 10 and 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre.
(6)Refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 45 for a reconciliation of GAAP Net Cash Provided by Operating
Activities to Funds Available for Distribution.
(7)Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.
(8)Ratios are calculated based on current quarter amounts unless otherwise noted. Net Debt to Company’s Share of EBITDAre and Adjusted EBITDAre are calculated on a trailing-12 month basis. Refer to page 33 for additional
information.
(9)Based upon Annualized Base Rent, including 100% of consolidated property partnerships, as of the period end. Excludes leases at the Company’s three residential properties.
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Consolidated Balance Sheets
(unaudited, $ in thousands)

|  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024
ASSETS: |  |  |  |  |  |  |  |  |  |
Land and improvements |  | $1,627,754 |  | $1,750,820 |  | $1,750,820 |  | $1,750,820 |  | $1,743,170
Buildings and improvements |  | 8,427,405 |  | 8,617,728 |  | 8,598,751 |  | 8,573,332 |  | 8,501,976
Undeveloped land and construction in progress |  | 2,364,938 |  | 2,356,330 |  | 2,309,624 |  | 2,254,628 |  | 2,207,180
Total real estate assets held for investment |  | 12,420,097 |  | 12,724,878 |  | 12,659,195 |  | 12,578,780 |  | 12,452,326
Accumulated depreciation and amortization |  | (2,877,165) |  | (2,900,113) |  | (2,824,616) |  | (2,747,494) |  | (2,671,141)
Total real estate assets held for investment, net |  | 9,542,932 |  | 9,824,765 |  | 9,834,579 |  | 9,831,286 |  | 9,781,185
Real estate and other assets held for sale, net |  | 255,795 |  | — |  | — |  | — |  | —
Cash and cash equivalents |  | 193,129 |  | 146,711 |  | 165,690 |  | 625,395 |  | 835,893
Marketable securities |  | 31,629 |  | 29,187 |  | 27,965 |  | 27,144 |  | 32,648
Current receivables, net |  | 11,718 |  | 11,680 |  | 11,033 |  | 11,218 |  | 10,229
Deferred rent receivables, net |  | 436,964 |  | 447,433 |  | 451,996 |  | 455,613 |  | 458,177
Deferred leasing costs and acquisition-related intangible assets, net |  | 208,266 |  | 220,051 |  | 225,937 |  | 226,991 |  | 220,485
Right of use ground lease assets |  | 128,674 |  | 128,949 |  | 129,222 |  | 129,492 |  | 129,760
Prepaid expenses and other assets, net |  | 58,725 |  | 69,909 |  | 51,935 |  | 73,495 |  | 75,379
Total Assets |  | $10,867,832 |  | $10,878,685 |  | $10,898,357 |  | $11,380,634 |  | $11,543,756
LIABILITIES AND EQUITY: |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |
Secured debt, net |  | $595,212 |  | $596,806 |  | $598,199 |  | $599,478 |  | $600,741
Unsecured debt, net |  | 4,002,507 |  | 4,001,036 |  | 3,999,566 |  | 4,401,678 |  | 4,519,796
Accounts payable, accrued expenses, and other liabilities |  | 273,600 |  | 292,354 |  | 285,011 |  | 354,785 |  | 361,759
Ground lease liabilities |  | 128,030 |  | 128,227 |  | 128,422 |  | 128,606 |  | 128,787
Accrued dividends and distributions |  | 64,985 |  | 64,990 |  | 64,850 |  | 64,844 |  | 65,118
Deferred revenue and acquisition-related intangible liabilities, net |  | 131,606 |  | 137,538 |  | 142,437 |  | 151,670 |  | 160,284
Rents received in advance and tenant security deposits |  | 73,561 |  | 77,749 |  | 71,003 |  | 71,033 |  | 73,013
Liabilities related to real estate assets held for sale |  | 4,887 |  | — |  | — |  | — |  | —
Total liabilities |  | 5,274,388 |  | 5,298,700 |  | 5,289,488 |  | 5,772,094 |  | 5,909,498
Equity: |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,183 |  | 1,183 |  | 1,181 |  | 1,181 |  | 1,174
Additional paid-in capital |  | 5,216,320 |  | 5,210,415 |  | 5,209,653 |  | 5,203,195 |  | 5,216,699
Retained earnings |  | 148,952 |  | 144,867 |  | 171,212 |  | 175,962 |  | 187,796
Total stockholders’ equity |  | 5,366,455 |  | 5,356,465 |  | 5,382,046 |  | 5,380,338 |  | 5,405,669
Noncontrolling Interests |  |  |  |  |  |  |  |  |  |
Common units of the Operating Partnership |  | 52,192 |  | 52,105 |  | 52,472 |  | 52,441 |  | 52,985
Noncontrolling interests in consolidated property partnerships |  | 174,797 |  | 171,415 |  | 174,351 |  | 175,761 |  | 175,604
Total noncontrolling interests |  | 226,989 |  | 223,520 |  | 226,823 |  | 228,202 |  | 228,589
Total equity |  | 5,593,444 |  | 5,579,985 |  | 5,608,869 |  | 5,608,540 |  | 5,634,258
Total Liabilities And Equity |  | $10,867,832 |  | $10,878,685 |  | $10,898,357 |  | $11,380,634 |  | $11,543,756

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Consolidated Statements of Operations
(unaudited, $ in thousands, except per share amounts)

Three Months Ended |  |  |  | Six Months Ended
| 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income | $285,071 |  | $266,244 |  | $281,355 |  | $285,951 |  | $275,919 |  |  | $551,315 |  | $550,809
Other property income | 4,821 |  | 4,600 |  | 5,024 |  | 3,987 |  | 4,812 |  |  | 9,421 |  | 8,503
Total revenues | 289,892 |  | 270,844 |  | 286,379 |  | 289,938 |  | 280,731 |  |  | 560,736 |  | 559,312
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property expenses | 58,575 |  | 58,714 |  | 63,249 |  | 63,593 |  | 59,279 |  |  | 117,289 |  | 116,599
Real estate taxes | 26,765 |  | 28,365 |  | 24,026 |  | 26,677 |  | 29,009 |  |  | 55,130 |  | 58,248
Ground leases | 3,019 |  | 3,020 |  | 2,990 |  | 2,977 |  | 2,996 |  |  | 6,039 |  | 5,748
General and administrative expenses | 18,475 |  | 16,901 |  | 16,977 |  | 17,981 |  | 18,824 |  |  | 35,376 |  | 36,116
Leasing costs | 2,277 |  | 2,873 |  | 2,013 |  | 2,353 |  | 2,119 |  |  | 5,150 |  | 4,398
Depreciation and amortization | 87,625 |  | 87,119 |  | 89,121 |  | 91,879 |  | 87,151 |  |  | 174,744 |  | 175,182
Total expenses | 196,736 |  | 196,992 |  | 198,376 |  | 205,460 |  | 199,378 |  |  | 393,728 |  | 396,291
Other Income (Expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 512 |  | 1,134 |  | 4,790 |  | 9,688 |  | 10,084 |  |  | 1,646 |  | 23,274
Interest expense | (30,844) |  | (31,148) |  | (33,245) |  | (36,408) |  | (36,763) |  |  | (61,992) |  | (75,634)
Other income (expense) (1) | 190 |  | (157) |  | (493) |  | (85) |  | (127) |  |  | 33 |  | (414)
Gain on sale of depreciable operating property | 16,554 |  | — |  | — |  | — |  | — |  |  | 16,554 |  | —
Gain on sale of long-lived assets (2) | — |  | — |  | 5,979 |  | — |  | — |  |  | — |  | —
Total other expenses | (13,588) |  | (30,171) |  | (22,969) |  | (26,805) |  | (26,806) |  |  | (43,759) |  | (52,774)
Net Income | 79,568 |  | 43,681 |  | 65,034 |  | 57,673 |  | 54,547 |  |  | 123,249 |  | 110,247
Net income attributable to noncontrolling common units of the Operating Partnership | (663) |  | (375) |  | (593) |  | (509) |  | (458) |  |  | (1,038) |  | (960)
Net income attributable to noncontrolling interests in consolidated property partnerships | (10,456) |  | (4,298) |  | (4,981) |  | (4,786) |  | (4,878) |  |  | (14,754) |  | (10,156)
Total income attributable to noncontrolling interests | (11,119) |  | (4,673) |  | (5,574) |  | (5,295) |  | (5,336) |  |  | (15,792) |  | (11,116)
Net Income Available To Common Stockholders | $68,449 |  | $39,008 |  | $59,460 |  | $52,378 |  | $49,211 |  |  | $107,457 |  | $99,131
Weighted average common shares outstanding – basic | 118,285 |  | 118,195 |  | 118,047 |  | 117,830 |  | 117,375 |  |  | 118,240 |  | 117,356
Weighted average common shares outstanding – diluted | 118,683 |  | 118,664 |  | 118,759 |  | 118,244 |  | 117,663 |  |  | 118,674 |  | 117,810
Net Income Available To Common Stockholders Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders per share – basic | $0.58 |  | $0.33 |  | $0.50 |  | $0.44 |  | $0.41 |  |  | $0.91 |  | $0.83
Net income available to common stockholders per share – diluted | $0.57 |  | $0.33 |  | $0.50 |  | $0.44 |  | $0.41 |  |  | $0.90 |  | $0.83

________________________
(1)Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to
environmental and sustainability initiatives, all of which were previously included in G eneral and administrative expenses. Historical amounts for G eneral and administrative expenses and Other income (expense) have
been revised to conform with the current period presentation.
(2)During the three months ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.
Kilroy Realty Q2 2025 Supplemental Report | 6

| Where Innovation Works

Funds From Operations & Funds Available for Distribution (1)
(unaudited, $ in thousands, except per share amounts)

Three Months Ended |  |  |  | Six Months Ended
|  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
FUNDS FROM OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $68,449 |  | $39,008 |  | $59,460 |  | $52,378 |  | $49,211 |  |  | $107,457 |  | $99,131
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling common units of the Operating Partnership |  | 663 |  | 375 |  | 593 |  | 509 |  | 458 |  |  | 1,038 |  | 960
Net income attributable to noncontrolling interests in consolidated property partnerships |  | 10,456 |  | 4,298 |  | 4,981 |  | 4,786 |  | 4,878 |  |  | 14,754 |  | 10,156
Depreciation and amortization of real estate assets |  | 86,243 |  | 85,735 |  | 87,536 |  | 90,243 |  | 85,589 |  |  | 171,978 |  | 172,049
Gain on sale of depreciable operating property |  | (16,554) |  | — |  | — |  | — |  | — |  |  | (16,554) |  | —
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships |  | (13,366) |  | (7,106) |  | (7,695) |  | (7,468) |  | (7,549) |  |  | (20,472) |  | (15,986)
Funds From Operations |  | $135,891 |  | $122,310 |  | $144,875 |  | $140,448 |  | $132,587 |  |  | $258,201 |  | $266,310
Weighted average common shares/units outstanding – basic (2) |  | 119,848 |  | 119,750 |  | 119,521 |  | 119,702 |  | 120,034 |  |  | 119,799 |  | 119,847
Weighted average common shares/units outstanding – diluted (2) |  | 120,246 |  | 120,220 |  | 120,234 |  | 120,115 |  | 120,322 |  |  | 120,233 |  | 120,301
FFO per common share/unit – basic |  | $1.13 |  | $1.02 |  | $1.21 |  | $1.17 |  | $1.10 |  |  | $2.16 |  | $2.22
FFO per common share/unit – diluted |  | $1.13 |  | $1.02 |  | $1.20 |  | $1.17 |  | $1.10 |  |  | $2.15 |  | $2.21
FUNDS AVAILABLE FOR DISTRIBUTION: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funds From Operations |  | $135,891 |  | $122,310 |  | $144,875 |  | $140,448 |  | $132,587 |  |  | $258,201 |  | $266,310
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring tenant improvements, leasing commissions, and capital expenditures |  | (34,040) |  | (17,378) |  | (33,089) |  | (25,662) |  | (22,069) |  |  | (51,418) |  | (33,832)
Amortization of deferred revenue related to tenant-funded tenant improvements |  | (3,770) |  | (3,688) |  | (4,065) |  | (4,213) |  | (4,358) |  |  | (7,458) |  | (10,860)
Straight-line rents, net |  | 3,354 |  | 4,613 |  | 3,667 |  | 2,615 |  | (634) |  |  | 7,967 |  | 2,902
Amortization of net below market rents |  | (845) |  | (846) |  | (846) |  | (885) |  | (886) |  |  | (1,691) |  | (1,790)
Amortization of deferred financing costs and net debt discount/premium |  | 1,178 |  | 1,219 |  | 1,650 |  | 1,926 |  | 1,560 |  |  | 2,397 |  | 3,317
Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (3) |  | 4,582 |  | 3,927 |  | 4,443 |  | (12,389) |  | 5,889 |  |  | 8,509 |  | 9,270
Lease related adjustments and other (4) |  | (2,626) |  | (1,677) |  | (2,359) |  | (7,226) |  | 830 |  |  | (4,303) |  | 2,046
Gain on sale of long-lived assets (5) |  | — |  | — |  | (5,979) |  | — |  | — |  |  | — |  | —
Adjustments attributable to noncontrolling interests in consolidated property partnerships |  | 165 |  | 616 |  | 790 |  | 2,206 |  | 1,915 |  |  | 781 |  | 2,799
Funds Available for Distribution |  | $103,889 |  | $109,096 |  | $109,087 |  | $96,820 |  | $114,834 |  |  | $212,985 |  | $240,162

________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Reported per common share/unit amounts are attributable to common stockholders,
common unitholders, and restricted stock unitholders.
(2)Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding. Diluted amounts per share also
include non-participating share-based awards and the dilutive impact of contingently issuable shares.
(3)During the three months ended September 30, 2024, the Company incurred $17.1 mill io n of cash retirement payments to the Company’s former CEO.
(4)Includes deferred income and lease incentives, net, deferred settlement and restoration fee income, deferred lease termination fee income, and other non-cash items.
(5)During the three months ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.
Kilroy Realty Q2 2025 Supplemental Report | 7

| Where Innovation Works

Supplemental Income Statement Detail
(unaudited, $ in thousands)

|  |  | Three Months Ended |  |  | Six Months Ended
|  |  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
| Revenues | Income Statement Category |  |  |  |  |  |  |  |  |  |  |  |  |  |
* | Base rent | Rental income | $201,955 |  | $202,640 |  | $204,705 |  | $204,030 |  | $202,649 |  |  | $404,595 |  | $402,411
* | Tenant reimbursements | Rental income | 48,035 |  | 46,313 |  | 47,621 |  | 51,846 |  | 49,427 |  |  | 94,348 |  | 97,731
* | Other revenues (1) | Rental income | 19,967 |  | 15,630 |  | 18,707 |  | 17,314 |  | 13,819 |  |  | 35,597 |  | 31,712
| Deferred income and lease incentives, net (2) | Rental income | 771 |  | 834 |  | 1,757 |  | 3,958 |  | 1,921 |  |  | 1,605 |  | 4,217
| Amortization of deferred revenue related to tenant-funded tenant improvements | Rental income | 3,770 |  | 3,688 |  | 4,065 |  | 4,213 |  | 4,358 |  |  | 7,458 |  | 10,860
| Straight-line rents, net | Rental income | (3,354) |  | (4,613) |  | (3,667) |  | (2,615) |  | 634 |  |  | (7,967) |  | (2,902)
| Amortization of net below market rents | Rental income | 845 |  | 846 |  | 846 |  | 885 |  | 886 |  |  | 1,691 |  | 1,790
* | Settlement and restoration fee income | Rental income | 639 |  | 63 |  | 6,709 |  | 3,002 |  | 1,039 |  |  | 702 |  | 1,854
| Deferred settlement and restoration fee income | Rental income | 1,689 |  | 337 |  | (1,857) |  | 1,857 |  | (265) |  |  | 2,026 |  | —
| Cash lease termination fee income | Rental income | 10,588 |  | — |  | 10 |  | 50 |  | 2,465 |  |  | 10,588 |  | 6,316
| Deferred lease termination fee income | Rental income | 166 |  | 506 |  | 2,459 |  | 1,411 |  | (1,014) |  |  | 672 |  | (3,180)
* | Other property income (3) | Other property income | 4,821 |  | 4,600 |  | 5,024 |  | 3,987 |  | 4,812 |  |  | 9,421 |  | 8,503
| Total Revenues |  | $289,892 |  | $270,844 |  | $286,379 |  | $289,938 |  | $280,731 |  |  | $560,736 |  | $559,312

________________________
•Represents a component of Cash Net Operating Income.
(1)Primarily composed of residential income, contractual parking income, and revenues deemed uncollectible.
(2)Includes non-cash adjustments attributable to lease-related matter s, including GAAP revenue recognition timing differences.
(3)Primarily composed of transient parking income.
Kilroy Realty Q2 2025 Supplemental Report | 8

| Where Innovation Works

Net Operating Income (1)
(unaudited, $ in thousands)

|  | Three Months Ended |  |  | Six Months Ended
|  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
Cash Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base rent |  | $201,955 |  | $202,640 |  | $204,705 |  | $204,030 |  | $202,649 |  |  | $404,595 |  | $402,411
Tenant reimbursements |  | 48,035 |  | 46,313 |  | 47,621 |  | 51,846 |  | 49,427 |  |  | 94,348 |  | 97,731
Other revenues (2) |  | 19,967 |  | 15,630 |  | 18,707 |  | 17,314 |  | 13,819 |  |  | 35,597 |  | 31,712
Settlement and restoration fee income |  | 639 |  | 63 |  | 6,709 |  | 3,002 |  | 1,039 |  |  | 702 |  | 1,854
Other property income (3) |  | 4,821 |  | 4,600 |  | 5,024 |  | 3,987 |  | 4,812 |  |  | 9,421 |  | 8,503
Total cash operating revenues |  | 275,417 |  | 269,246 |  | 282,766 |  | 280,179 |  | 271,746 |  |  | 544,663 |  | 542,211
Cash Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property expenses |  | 58,575 |  | 58,714 |  | 63,245 |  | 63,579 |  | 59,264 |  |  | 117,289 |  | 116,554
Real estate taxes |  | 26,765 |  | 28,365 |  | 24,026 |  | 26,677 |  | 29,009 |  |  | 55,130 |  | 58,248
Ground leases |  | 2,941 |  | 2,942 |  | 2,902 |  | 2,891 |  | 2,908 |  |  | 5,883 |  | 5,568
Total cash operating expenses |  | 88,281 |  | 90,021 |  | 90,173 |  | 93,147 |  | 91,181 |  |  | 178,302 |  | 180,370
Cash Net Operating Income (4) |  | 187,136 |  | 179,225 |  | 192,593 |  | 187,032 |  | 180,565 |  |  | 366,361 |  | 361,841
Deferred income and lease incentives, net (5) |  | 771 |  | 834 |  | 1,757 |  | 3,958 |  | 1,921 |  |  | 1,605 |  | 4,217
Amortization of deferred revenue related to tenant-funded tenant improvements |  | 3,770 |  | 3,688 |  | 4,065 |  | 4,213 |  | 4,358 |  |  | 7,458 |  | 10,860
Straight-line rents, net |  | (3,354) |  | (4,613) |  | (3,667) |  | (2,615) |  | 634 |  |  | (7,967) |  | (2,902)
Amortization of net below market rents |  | 845 |  | 846 |  | 846 |  | 885 |  | 886 |  |  | 1,691 |  | 1,790
Deferred settlement and restoration fee income |  | 1,689 |  | 337 |  | (1,857) |  | 1,857 |  | (265) |  |  | 2,026 |  | —
Other (6) |  | (78) |  | (78) |  | (92) |  | (100) |  | (103) |  |  | (156) |  | (225)
Net Operating Income (4) |  | 190,779 |  | 180,239 |  | 193,645 |  | 195,230 |  | 187,996 |  |  | 371,018 |  | 375,581
Lease termination fees (1) |  | 10,754 |  | 506 |  | 2,469 |  | 1,461 |  | 1,451 |  |  | 11,260 |  | 3,136
General and administrative expenses |  | (18,475) |  | (16,901) |  | (16,977) |  | (17,981) |  | (18,824) |  |  | (35,376) |  | (36,116)
Leasing costs |  | (2,277) |  | (2,873) |  | (2,013) |  | (2,353) |  | (2,119) |  |  | (5,150) |  | (4,398)
Other income (expense) (7) |  | 190 |  | (157) |  | (493) |  | (85) |  | (127) |  |  | 33 |  | (414)
Interest income |  | 512 |  | 1,134 |  | 4,790 |  | 9,688 |  | 10,084 |  |  | 1,646 |  | 23,274
Interest expense |  | (30,844) |  | (31,148) |  | (33,245) |  | (36,408) |  | (36,763) |  |  | (61,992) |  | (75,634)
Depreciation and amortization |  | (87,625) |  | (87,119) |  | (89,121) |  | (91,879) |  | (87,151) |  |  | (174,744) |  | (175,182)
Gain on sale of depreciable operating property |  | 16,554 |  | — |  | — |  | — |  | — |  |  | 16,554 |  | —
Gain on sale of long-lived assets |  | — |  | — |  | 5,979 |  | — |  | — |  |  | — |  | —
Net Income |  | $79,568 |  | $43,681 |  | $65,034 |  | $57,673 |  | $54,547 |  |  | $123,249 |  | $110,247

________________________
(1)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. Lease termination fees are presented here on a GAAP basis and Net
Operating Income and Cash Net Operating Income as presented has been conformed to the Company’s new definition.
(2)Primarily composed of residential income, contractual parking income, and revenues deemed uncollectible.
(3)Primarily composed of transient parking income.
(4)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common
Stockholders to Cash Net Operating Income and Net Operating Income.
(5)Includes non-cash adjustments attributable to lease-related matter s, including GAAP revenue recognition timing differences.
(6)Includes other non-cash amounts primarily related to property expenses and ground rent expense.
(7)Commencing January 1, 2025, the Company began presenting a new line item, Other income (expense), which includes tax expenses, acquisition and disposition expenses, and income or expenses related to
environmental and sustainability initiatives, all of which were previously included in General and administrative expenses. Historical amounts for General and administrative expenses and Other income (expense) have
been revised to conform with the current period presentation.
Kilroy Realty Q2 2025 Supplemental Report | 9

| Where Innovation Works

Same Property Net Operating Income Analysis (Cash Basis)(1)
(unaudited, $ in thousands)

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Contribution |  | 2025 |  | 2024 |  | % Contribution
Total Same Property Portfolio
Number of properties |  | 116 |  | 116 |  |  |  | 116 |  | 116 |  |
Square Feet |  | 16,291,760 |  | 16,291,760 |  |  |  | 16,291,760 |  | 16,291,760 |  |
Average Occupancy (2) |  | 80.5% |  | 83.2% |  |  |  | 80.8% |  | 83.5% |  |
Percent of Stabilized Portfolio (3) |  | 99.4% |  |  |  |  |  | 99.4% |  |  |  |
Percent of Total Portfolio (3) |  | 95.5% |  |  |  |  |  | 95.5% |  |  |  |
Cash Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Base rent |  | $191,587 |  | $192,566 |  | (0.6)% |  | $383,844 |  | $382,340 |  | 0.4%
Tenant reimbursements |  | 46,144 |  | 47,134 |  | (0.5)% |  | 90,494 |  | 93,439 |  | (0.9)%
Other revenues (4) |  | 20,028 |  | 14,006 |  | 3.5% |  | 35,678 |  | 31,992 |  | 1.1%
Settlement and restoration fee income |  | 639 |  | 328 |  | 0.2% |  | 702 |  | 1,143 |  | (0.1)%
Other property income (5) |  | 4,576 |  | 4,711 |  | (0.1)% |  | 8,797 |  | 8,250 |  | 0.2%
Total cash operating revenues |  | 262,974 |  | 258,745 |  | 2.5% |  | 519,515 |  | 517,164 |  | 0.7%
Cash Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Property expenses |  | 56,750 |  | 57,658 |  | 0.5% |  | 113,644 |  | 113,645 |  | 0.0%
Real estate taxes |  | 24,677 |  | 27,307 |  | 1.5% |  | 50,875 |  | 54,813 |  | 1.1%
Ground leases |  | 2,941 |  | 2,908 |  | 0.0% |  | 5,883 |  | 5,568 |  | (0.1)%
Total cash operating expenses |  | 84,368 |  | 87,873 |  | 2.0% |  | 170,402 |  | 174,026 |  | 1.0%
Cash Net Operating Income (6)(7)(8) |  | $178,606 |  | $170,872 |  | 4.5% |  | $349,113 |  | $343,138 |  | 1.7%

________________________
(1)Same Property Portfolio is def ined as all properties owned and included in the Stabilized Portfolio as of January 1, 2024 and still owned and included in the Stabilized Portfolio as of June 30, 2025. Same Property
Portfolio includes 100% of consolidated property partnerships as well as the Company’s three residential propert ies. Excludes properties classified as held for sale. Refer to pages 39-42 “Definitions Included in
Supplemental” for additional information.
(2)Calculated as the average of the daily ending occupancy percentages.
(3)Based on rentable square feet at the end of the period.
(4)Primarily composed of residential income, contractual parking income, and revenues deemed uncollectible.
(5)Primarily composed of transient parking income.
(6)For Same Property Cash Net Operating Income, restoration and settlement fee income is recognized in the period in which it is received, which may not correspond to the timing of GAAP revenue recognition. Tenant
prepayments are recognized in the applicable lease billing period.
(7)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures. Refer to page 43 for a reconciliation of GAAP Net Income Available to Common
Stockholders to Same Property Cash Net Operating Income.
(8)Commencing January 1, 2025, the Company began excluding lease termination fees from Same Property Cash Net Operating Income. Same Property Cash Net Operating Income as presented has been conformed to
our new definition.
Kilroy Realty Q2 2025 Supplemental Report | 10

| Where Innovation Works

EBITDAre (1)
(unaudited, $ in thousands)

|  | Three Months Ended
|  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024
Net Income Available to Common Stockholders |  | $68,449 |  | $39,008 |  | $59,460 |  | $52,378 |  | $49,211
Interest expense |  | 30,844 |  | 31,148 |  | 33,245 |  | 36,408 |  | 36,763
Depreciation and amortization |  | 87,625 |  | 87,119 |  | 89,121 |  | 91,879 |  | 87,151
Taxes (2) |  | 17 |  | 51 |  | — |  | — |  | —
EBITDA |  | 186,935 |  | 157,326 |  | 181,826 |  | 180,665 |  | 173,125
Net income attributable to noncontrolling common units of the Operating Partnership |  | 663 |  | 375 |  | 593 |  | 509 |  | 458
Net income attributable to noncontrolling interests in consolidated property partnerships |  | 10,456 |  | 4,298 |  | 4,981 |  | 4,786 |  | 4,878
Gain on sale of depreciable operating property |  | (16,554) |  | — |  | — |  | — |  | —
Gain on sales of long-lived assets |  | — |  | — |  | (5,979) |  | — |  | —
EBITDAre |  | 181,500 |  | 161,999 |  | 181,421 |  | 185,960 |  | 178,461
EBITDAre attributable to noncontrolling interests in consolidated property partnerships |  | (13,586) |  | (7,280) |  | (7,843) |  | (7,485) |  | (7,601)
Company's share of EBITDAre |  | 167,914 |  | 154,719 |  | 173,578 |  | 178,475 |  | 170,860
Interest income |  | (512) |  | (1,134) |  | (4,790) |  | (9,688) |  | (10,084)
Company's share of Adjusted EBITDAre |  | $167,402 |  | $153,585 |  | $168,788 |  | $168,787 |  | $160,776

________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(2)Commencing in January 1, 2025, the Company began adjusting for taxes, which are included in Other income (expense) on the Company’s Consolidated Statement of Operations.
Indeed Tower, Austin, TX
02
Portfolio Data
–Stabilized Portfolio Occupancy Overview by Region
–Information on Leases Executed
–Stabilized Portfolio Capital Expenditures
–Stabilized Portfolio Lease Expirations
–Top 20 Tenants
–Tenant Industry Diversification
–2025 Operating Property Acquisitions
–2025 Property Dispositions, Held for Sale, and Development
Pipeline Under Contract
–Consolidated Ventures (Noncontrolling Property Partnerships)
Kilroy Realty Q2 2025 Supplemental Report | 12

| Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region (1)
(unaudited)

|  |  |  | Total Rentable Square Feet (2) |  | Occupied at |  | Leased at
|  | YTD NOI % |  | Rentable Square Feet % |  |  | 6/30/2025 |  | 3/31/2025 (3) |  | 6/30/2025 |  | 3/31/2025 (3)
LOS ANGELES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hollywood / West Hollywood |  | 8.3% |  | 8.5% |  | 1,383,563 |  | 86.0% |  | 85.1% |  | 86.5% |  | 86.2%
El Segundo |  | 2.8% |  | 6.7% |  | 1,103,595 |  | 69.2% |  | 68.5% |  | 69.6% |  | 70.4%
Long Beach |  | 2.6% |  | 5.8% |  | 957,706 |  | 82.7% |  | 80.2% |  | 88.8% |  | 87.1%
West Los Angeles |  | 2.3% |  | 4.0% |  | 650,722 |  | 57.8% |  | 58.5% |  | 57.8% |  | 58.5%
Culver City |  | 0.0% |  | 1.0% |  | 166,207 |  | 30.5% |  | 15.2% |  | 38.4% |  | 36.4%
Total Los Angeles |  | 16.0% |  | 26.0% |  | 4,261,793 |  | 74.4% |  | 72.7% |  | 76.4% |  | 75.8%
SAN DIEGO |  |  |  |  |  |  |  |  |  |  |  |  |  |
Del Mar |  | 12.6% |  | 11.5% |  | 1,892,538 |  | 89.2% |  | 92.8% |  | 89.4% |  | 93.9%
I-15 Corridor |  | 1.4% |  | 2.6% |  | 427,764 |  | 83.1% |  | 84.3% |  | 86.0% |  | 86.6%
Little Italy / Point Loma |  | 0.5% |  | 2.0% |  | 319,879 |  | 52.0% |  | 51.5% |  | 60.5% |  | 52.6%
University Towne Center |  | 1.9% |  | 1.4% |  | 231,060 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
Total San Diego |  | 16.4% |  | 17.5% |  | 2,871,241 |  | 85.0% |  | 87.5% |  | 86.5% |  | 88.7%
SAN FRANCISCO BAY AREA |  |  |  |  |  |  |  |  |  |  |  |  |  |
San Francisco CBD |  | 26.7% |  | 20.8% |  | 3,400,600 |  | 78.8% |  | 79.8% |  | 82.2% |  | 80.4%
Silicon Valley |  | 4.8% |  | 3.8% |  | 622,640 |  | 100.0% |  | 94.1% |  | 100.0% |  | 94.1%
South San Francisco |  | 9.4% |  | 4.9% |  | 806,109 |  | 91.9% |  | 100.0% |  | 91.9% |  | 100.0%
Other Peninsula |  | 5.8% |  | 4.1% |  | 677,786 |  | 92.3% |  | 92.3% |  | 92.3% |  | 92.3%
Total San Francisco Bay Area |  | 46.7% |  | 33.6% |  | 5,507,135 |  | 84.8% |  | 86.8% |  | 86.9% |  | 87.1%
SEATTLE |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lake Union / Denny Regrade |  | 10.5% |  | 12.7% |  | 2,077,052 |  | 74.5% |  | 74.3% |  | 78.6% |  | 79.1%
Bellevue |  | 5.9% |  | 5.6% |  | 919,295 |  | 87.6% |  | 88.3% |  | 98.1% |  | 98.6%
Total Seattle |  | 16.4% |  | 18.3% |  | 2,996,347 |  | 78.5% |  | 78.6% |  | 84.6% |  | 85.1%
AUSTIN |  |  |  |  |  |  |  |  |  |  |  |  |  |
Austin CBD |  | 4.5% |  | 4.6% |  | 758,975 |  | 79.9% |  | 76.4% |  | 83.2% |  | 81.5%
Total Austin |  | 4.5% |  | 4.6% |  | 758,975 |  | 79.9% |  | 76.4% |  | 83.2% |  | 81.5%
Total Stabilized Portfolio |  | 100.0% |  | 100.0% |  | 16,395,491 |  | 80.8% |  | 81.4% |  | 83.5% |  | 83.9%

Average Occupancy (4)
Quarter-to-Date |  | Year-to-Date
80.8% |  | 81.1%

________________________
(1)Excludes residential properties and properties classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(2)Occupied and leased percentage calculations presented throughout this report are based on rentable square feet at the end of the period, inclusive of all remeasurements that occurred during the period.
(3)As previously reported, which includes properties subsequently disposed of and properties currently classified as held for sale.
(4)Calculated as the average of the daily ending occupancy percentages.
Kilroy Realty Q2 2025 Supplemental Report | 13

| Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)

|  |  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at
|  | Campus |  | Submarket |  |  | 6/30/2025 |  | 3/31/2025 (1) |  | 6/30/2025 |  | 3/31/2025 (1)
LOS ANGELES, CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |  |  |
1350 Ivar Avenue |  | On Vine |  | Hollywood / West Hollywood |  | 16,448 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1355 Vine Street |  | On Vine |  | Hollywood / West Hollywood |  | 183,129 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1375 Vine Street |  | On Vine |  | Hollywood / West Hollywood |  | 159,236 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1395 Vine Street |  | On Vine |  | Hollywood / West Hollywood |  | 2,575 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1500 N. El Centro Avenue |  | Columbia Square |  | Hollywood / West Hollywood |  | 113,447 |  | 63.6% |  | 63.6% |  | 63.6% |  | 63.6%
1525 N. Gower Street |  | Columbia Square |  | Hollywood / West Hollywood |  | 9,610 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1575 N. Gower Street |  | Columbia Square |  | Hollywood / West Hollywood |  | 264,430 |  | 98.3% |  | 98.3% |  | 98.3% |  | 98.3%
6115 W. Sunset Boulevard |  | Columbia Square |  | Hollywood / West Hollywood |  | 26,238 |  | 71.1% |  | 46.0% |  | 71.1% |  | 71.1%
6121 W. Sunset Boulevard |  | Columbia Square |  | Hollywood / West Hollywood |  | 93,418 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
6255 W. Sunset Boulevard |  | Sunset Media Center |  | Hollywood / West Hollywood |  | 325,772 |  | 59.3% |  | 59.0% |  | 61.2% |  | 60.2%
8560 W. Sunset Boulevard |  | The Sunset |  | Hollywood / West Hollywood |  | 76,359 |  | 100.0% |  | 93.6% |  | 100.0% |  | 100.0%
8570 W. Sunset Boulevard |  | The Sunset |  | Hollywood / West Hollywood |  | 49,276 |  | 99.0% |  | 99.0% |  | 99.0% |  | 99.0%
8580 W. Sunset Boulevard |  | The Sunset |  | Hollywood / West Hollywood |  | 6,875 |  | 0.0% |  | 0.0% |  | 0.0% |  | 0.0%
8590 W. Sunset Boulevard |  | The Sunset |  | Hollywood / West Hollywood |  | 56,750 |  | 99.7% |  | 99.7% |  | 99.7% |  | 99.7%
2240 E. Imperial Highway |  | Kilroy Airport Center |  | El Segundo |  | 122,870 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
2250 E. Imperial Highway |  | Kilroy Airport Center |  | El Segundo |  | 298,728 |  | 37.7% |  | 37.7% |  | 37.7% |  | 37.7%
2260 E. Imperial Highway |  | Kilroy Airport Center |  | El Segundo |  | 298,728 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
909 N. Pacific Coast Highway |  | 909 & 999 N. Pacific Coast Highway |  | El Segundo |  | 244,880 |  | 61.7% |  | 63.3% |  | 63.6% |  | 67.3%
999 N. Pacific Coast Highway |  | 909 & 999 N. Pacific Coast Highway |  | El Segundo |  | 138,389 |  | 56.5% |  | 48.7% |  | 56.5% |  | 56.3%
3750 Kilroy Airport Way |  | Aero |  | Long Beach |  | 10,718 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
3760 Kilroy Airport Way |  | Aero |  | Long Beach |  | 166,761 |  | 80.4% |  | 80.4% |  | 80.4% |  | 80.4%
3780 Kilroy Airport Way |  | Aero |  | Long Beach |  | 221,452 |  | 96.4% |  | 98.1% |  | 98.2% |  | 98.1%
3800 Kilroy Airport Way |  | Aero |  | Long Beach |  | 192,476 |  | 93.4% |  | 93.5% |  | 93.4% |  | 93.5%
3840 Kilroy Airport Way |  | Aero |  | Long Beach |  | 138,441 |  | 98.3% |  | 77.6% |  | 100.0% |  | 98.3%
3880 Kilroy Airport Way |  | Aero |  | Long Beach |  | 96,923 |  | 51.9% |  | 51.9% |  | 90.8% |  | 90.8%
3900 Kilroy Airport Way |  | Aero |  | Long Beach |  | 130,935 |  | 51.9% |  | 51.9% |  | 62.3% |  | 51.9%
12100 W. Olympic Boulevard |  | Westside Media Center |  | West Los Angeles |  | 155,679 |  | 68.7% |  | 68.7% |  | 68.7% |  | 68.7%
12200 W. Olympic Boulevard |  | Westside Media Center |  | West Los Angeles |  | 154,544 |  | 32.0% |  | 32.0% |  | 32.0% |  | 32.0%
12233 W. Olympic Boulevard |  | Tribeca West |  | West Los Angeles |  | 156,746 |  | 52.5% |  | 52.4% |  | 52.5% |  | 52.4%
12312 W. Olympic Boulevard |  | Westside Media Center |  | West Los Angeles |  | 78,900 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
2100/2110 Colorado Avenue |  | Santa Monica Media Center |  | West Los Angeles |  | 104,853 |  | 55.4% |  | 55.4% |  | 55.4% |  | 55.4%
3101-3243 La Cienega Boulevard |  | Blackwelder |  | Culver City |  | 166,207 |  | 30.5% |  | 15.2% |  | 38.4% |  | 36.4%
Total Los Angeles |  |  |  |  |  | 4,261,793 |  | 74.4% |  | 72.7% |  | 76.4% |  | 75.8%

________________________
(1)As previously reported, which includes properties subsequently disposed of and properties currently classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q2 2025 Supplemental Report | 14

| Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)

|  |  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at
|  | Campus |  | Submarket |  |  | 6/30/2025 |  | 3/31/2025 (1) |  | 6/30/2025 |  | 3/31/2025 (1)
SAN DIEGO, CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |  |  |
12225 El Camino Real |  | Carmel Valley Corporate Center |  | Del Mar |  | 58,401 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12235 El Camino Real |  | Carmel Valley Corporate Center |  | Del Mar |  | 53,751 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12340 El Camino Real |  | Del Mar Corporate Centre |  | Del Mar |  | 110,950 |  | 25.9% |  | 100.0% |  | 25.9% |  | 100.0%
12390 El Camino Real |  | Del Mar Corporate Centre |  | Del Mar |  | 73,238 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12770 El Camino Real |  | One Paseo |  | Del Mar |  | 75,035 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12780 El Camino Real |  | One Paseo |  | Del Mar |  | 140,591 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12790 El Camino Real |  | One Paseo |  | Del Mar |  | 87,944 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12830 El Camino Real |  | One Paseo |  | Del Mar |  | 196,444 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12860 El Camino Real |  | One Paseo |  | Del Mar |  | 92,042 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12348 High Bluff Drive |  | Del Mar Tech Center |  | Del Mar |  | 39,192 |  | 51.5% |  | 51.5% |  | 51.5% |  | 51.5%
12400 High Bluff Drive |  | Del Mar Corporate Centre |  | Del Mar |  | 216,518 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
12707 High Bluff Drive * |  | Junction Del Mar |  | Del Mar |  | 59,245 |  | 91.2% |  | 86.5% |  | 91.2% |  | 94.6%
12777 High Bluff Drive * |  | Junction Del Mar |  | Del Mar |  | 44,486 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
3579 Valley Centre Drive |  | Kilroy Centre Del Mar |  | Del Mar |  | 54,960 |  | 100.0% |  | 94.7% |  | 100.0% |  | 100.0%
3611 Valley Centre Drive |  | Kilroy Centre Del Mar |  | Del Mar |  | 132,425 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
3661 Valley Centre Drive |  | Kilroy Centre Del Mar |  | Del Mar |  | 124,756 |  | 34.2% |  | 34.2% |  | 34.2% |  | 34.2%
3721 Valley Centre Drive |  | Kilroy Centre Del Mar |  | Del Mar |  | 117,777 |  | 94.8% |  | 90.3% |  | 94.8% |  | 94.8%
3811 Valley Centre Drive |  | Kilroy Centre Del Mar |  | Del Mar |  | 118,912 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
3745 Paseo Place |  | One Paseo |  | Del Mar |  | 95,871 |  | 90.0% |  | 86.3% |  | 92.8% |  | 94.1%
13480 Evening Creek Drive North |  | Kilroy Sabre Springs |  | I-15 Corridor |  | 143,402 |  | 62.0% |  | 62.0% |  | 68.8% |  | 68.8%
13500 Evening Creek Drive North |  | Kilroy Sabre Springs |  | I-15 Corridor |  | 137,661 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
13520 Evening Creek Drive North |  | Kilroy Sabre Springs |  | I-15 Corridor |  | 146,701 |  | 87.9% |  | 91.4% |  | 89.8% |  | 91.4%
2100 Kettner Boulevard |  | 2100 Kettner |  | Little Italy / Point Loma |  | 212,423 |  | 33.7% |  | 32.9% |  | 46.4% |  | 34.5%
2305 Historic Decatur Road |  | Kilroy Liberty Station |  | Little Italy / Point Loma |  | 107,456 |  | 88.3% |  | 88.3% |  | 88.3% |  | 88.3%
9455 Towne Centre Drive |  | 9455 Towne Centre Drive |  | University Towne Center |  | 160,444 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
9514 Towne Centre Drive |  | 9514 Towne Centre Drive |  | University Towne Center |  | 70,616 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
Total San Diego |  |  |  |  |  | 2,871,241 |  | 85.0% |  | 87.5% |  | 86.5% |  | 88.7%

________________________
* Excluded from the Same Property portfolio.
(1)As previously reported, which includes properties subsequently disposed of and properties currently classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q2 2025 Supplemental Report | 15

| Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)

|  |  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at
|  | Campus |  | Submarket |  |  | 6/30/2025 |  | 3/31/2025 (1) |  | 6/30/2025 |  | 3/31/2025 (1)
SAN FRANCISCO BAY AREA, CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |
100 Hooper Street |  | 100 Hooper |  | San Francisco CBD |  | 417,914 |  | 95.5% |  | 95.5% |  | 100.0% |  | 100.0%
100 First Street |  | 100 First Street |  | San Francisco CBD |  | 480,457 |  | 94.3% |  | 93.6% |  | 94.3% |  | 93.6%
303 Second Street |  | 303 Second Street |  | San Francisco CBD |  | 784,658 |  | 65.5% |  | 70.4% |  | 65.9% |  | 70.4%
201 Third Street |  | 201 Third Street |  | San Francisco CBD |  | 346,538 |  | 26.0% |  | 25.5% |  | 52.9% |  | 26.1%
360 Third Street |  | 360 Third Street |  | San Francisco CBD |  | 436,357 |  | 66.6% |  | 66.6% |  | 66.6% |  | 66.6%
250 Brannan Street |  | The Brannans |  | San Francisco CBD |  | 100,850 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
301 Brannan Street |  | The Brannans |  | San Francisco CBD |  | 82,834 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
333 Brannan Street |  | The Brannans |  | San Francisco CBD |  | 185,602 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
345 Brannan Street |  | The Brannans |  | San Francisco CBD |  | 110,050 |  | 99.7% |  | 99.7% |  | 99.7% |  | 99.7%
350 Mission Street |  | 350 Mission Street |  | San Francisco CBD |  | 455,340 |  | 99.7% |  | 99.7% |  | 99.7% |  | 99.7%
1290-1300 Terra Bella Avenue |  | Terra Bella |  | Silicon Valley |  | 114,175 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
680 E. Middlefield Road |  | 680 & 690 Middlefield |  | Silicon Valley |  | 171,676 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
690 E. Middlefield Road |  | 680 & 690 Middlefield |  | Silicon Valley |  | 171,215 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
1701 Page Mill Road |  | Page Mill / Porter |  | Silicon Valley |  | 128,688 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
3150 Porter Drive |  | Page Mill / Porter |  | Silicon Valley |  | 36,886 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
345 Oyster Point Boulevard |  | Oyster Point Tech Center |  | South San Francisco |  | 40,410 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
347 Oyster Point Boulevard |  | Oyster Point Tech Center |  | South San Francisco |  | 39,780 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
349 Oyster Point Boulevard |  | Oyster Point Tech Center |  | South San Francisco |  | 65,340 |  | 0.0% |  | 100.0% |  | 0.0% |  | 100.0%
350 Oyster Point Boulevard |  | Kilroy Oyster Point - Phase 1 |  | South San Francisco |  | 234,892 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
352 Oyster Point Boulevard |  | Kilroy Oyster Point - Phase 1 |  | South San Francisco |  | 232,215 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
354 Oyster Point Boulevard |  | Kilroy Oyster Point - Phase 1 |  | South San Francisco |  | 193,472 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
4100 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 47,643 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
4200 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 43,600 |  | 69.4% |  | 69.4% |  | 69.4% |  | 69.4%
4300 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 63,430 |  | 38.8% |  | 38.8% |  | 38.8% |  | 38.8%
4500 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 63,429 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
4600 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 48,413 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
4700 Bohannon Drive |  | Menlo Park Corporate Center |  | Other Peninsula |  | 63,429 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
900 Jefferson Avenue |  | Crossing 900 |  | Other Peninsula |  | 228,226 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
900 Middlefield Road |  | Crossing 900 |  | Other Peninsula |  | 119,616 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
Total San Francisco Bay Area |  |  |  |  |  | 5,507,135 |  | 84.8% |  | 86.8% |  | 86.9% |  | 87.1%

________________________
(1)As previously reported, which includes properties subsequently disposed of and properties currently classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q2 2025 Supplemental Report | 16

| Where Innovation Works

Stabilized Portfolio Occupancy Overview by Region, continued
(unaudited)

|  |  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at
|  | Campus |  | Submarket |  |  | 6/30/2025 |  | 3/31/2025 (1) |  | 6/30/2025 |  | 3/31/2025 (1)
SEATTLE, WASHINGTON |  |  |  |  |  |  |  |  |  |  |  |  |  |
333 Dexter Avenue North |  | 333 Dexter |  | Lake Union / Denny Regrade |  | 618,766 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
701 N. 34th Street |  | Fremont Lake Union Center |  | Lake Union / Denny Regrade |  | 141,860 |  | 44.8% |  | 44.8% |  | 64.5% |  | 64.5%
801 N. 34th Street |  | Fremont Lake Union Center |  | Lake Union / Denny Regrade |  | 173,615 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
837 N. 34th Street |  | Fremont Lake Union Center |  | Lake Union / Denny Regrade |  | 112,487 |  | 56.9% |  | 85.6% |  | 71.3% |  | 100.0%
320 Westlake Avenue North |  | Westlake Terry |  | Lake Union / Denny Regrade |  | 184,644 |  | 96.1% |  | 96.1% |  | 100.0% |  | 100.0%
321 Terry Avenue North |  | Westlake Terry |  | Lake Union / Denny Regrade |  | 135,755 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
401 Terry Avenue North |  | 401 Terry |  | Lake Union / Denny Regrade |  | 174,530 |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%
2001 8th Avenue |  | West8 |  | Lake Union / Denny Regrade |  | 535,395 |  | 26.0% |  | 19.5% |  | 32.3% |  | 28.3%
601 108th Avenue NE |  | Key Center |  | Bellevue |  | 490,738 |  | 96.6% |  | 97.9% |  | 96.6% |  | 97.9%
10900 NE 4th Street |  | Skyline Tower |  | Bellevue |  | 428,557 |  | 77.4% |  | 77.4% |  | 99.9% |  | 99.3%
Total Seattle |  |  |  |  |  | 2,996,347 |  | 78.5% |  | 78.6% |  | 84.6% |  | 85.1%
AUSTIN, TEXAS |  |  |  |  |  |  |  |  |  |  |  |  |  |
200 W. 6th Street |  | Indeed Tower |  | Austin CBD |  | 758,975 |  | 79.9% |  | 76.4% |  | 83.2% |  | 81.5%
Total Austin |  |  |  |  |  | 758,975 |  | 79.9% |  | 76.4% |  | 83.2% |  | 81.5%
Total Stabilized Portfolio |  | 16,395,491 |  | 80.8% |  | 81.4% |  | 83.5% |  | 83.9%

________________________
(1)As previously reported, which includes properties subsequently disposed of and properties currently classified as held for sale. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.

|  |  |  |  |  |  |  | Average Residential Occupancy
|  |  |  |  |  |  |  | Quarter-to-Date |  | Year-to-Date
RESIDENTIAL PROPERTIES |  | Campus |  | Submarket |  | Total No. of Units |  | 6/30/2025 |  | 3/31/2025 |  | 6/30/2025
LOS ANGELES, CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |
1550 N. El Centro Avenue |  | Columbia Square Living |  | Hollywood |  | 200 |  | 95.7% |  | 97.6% |  | 96.7%
6390 De Longpre Avenue |  | Jardine |  | Hollywood |  | 193 |  | 92.9% |  | 94.3% |  | 93.6%
SAN DIEGO, CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |
3200 Paseo Village Way |  | One Paseo Living |  | Del Mar |  | 608 |  | 93.5% |  | 94.6% |  | 94.1%
Total Residential Properties |  |  |  |  |  | 1,001 |  | 93.8% |  | 95.2% |  | 94.5%

Kilroy Realty Q2 2025 Supplemental Report | 17

| Where Innovation Works

Information on Leases Executed (1)

Quarter to Date (2) | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (3) |  | TI/LC Per Sq.Ft. / Year (3) |  | Changes in GAAP Rents (4) |  | Changes in Cash Rents (5)
| New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |
2nd Gen Leasing (6) | 17 |  | 12 |  | 161,845 |  | 120,634 |  | 282,479 |  | 54 |  | $46.69 |  | $10.38 |  | (11.2)% |  | (15.2)%
1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (6) | 5 |  | — |  | 63,464 |  | — |  | 63,464 |  | 139 |  | $147.86 |  | $12.76 |  |  |  |
Total | 22 |  | 12 |  | 225,309 |  | 120,634 |  | 345,943 |  |  |  |  |  |  |  |  |  |
Year to Date (2) | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (3) |  | TI/LC Per Sq.Ft. / Year (3) |  | Changes in GAAP Rents (4) |  | Changes in Cash Rents (5)
| New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |
2nd Gen Leasing (6) | 35 |  | 26 |  | 276,425 |  | 208,435 |  | 484,860 |  | 59 |  | $48.75 |  | $9.91 |  | (13.1)% |  | (18.5)%
1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (6) | 8 |  | — |  | 105,272 |  | — |  | 105,272 |  | 111 |  | $146.57 |  | $15.85 |  |  |  |
Total | 43 |  | 26 |  | 381,697 |  | 208,435 |  | 590,132 |  |  |  |  |  |  |  |  |  |

Retention Rate Calculations (6) |  | Quarter to Date |  | Year to Date
Retention Rate |  | 32.5% |  | 25.2%
Retention Rate, including subtenants |  | 35.0% |  | 34.4%

________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three and six months ended June 30, 2025, the Company signed 76,988 and 81,351 square feet
of leases with a lease term of less than one y ear, respectively.
(2)During the three months ended June 30, 2025, 13 new leases totaling 123,963 square feet were signed and commenced. During the six months ended June 30, 2025, 40 new leases totaling 241,827 square feet were
signed and commenced.
(3)Includes tenant improvements and third-party leasing commissions. Amounts exclude tenant-funded tenant improvements and indirect leasing costs.
(4)Calculated as the change between the expiring GAAP rent and the new GAAP rent for the same space. Space that was vacant when the property was acquired is excluded from the change in rents calculations to
provide a more meaningful market comparison.
(5)Calculated as the change between the expiring cash rent and the new cash rent for the same space. Space that was vacant when the property was acquired is excluded from the change in rents calculations to provide a
more meaningful market comparison.
(6)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q2 2025 Supplemental Report | 18

| Where Innovation Works

Stabilized Portfolio Capital Expenditures
($ in thousands)

| Quarter to Date |  |  | Year to Date
| Q2 2025 |  | Q1 2025 |  | Q4 2024 |  | Q3 2024 |  | Q2 2024 |  |  | 2025 |  | 2024
Second Generation Capital Expenditures: (1) (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Improvements | $13,548 |  | $6,635 |  | $13,935 |  | $11,734 |  | $10,029 |  |  | $20,183 |  | $14,991
Tenant Improvements & Leasing Commissions | 20,492 |  | 10,743 |  | 19,154 |  | 13,928 |  | 12,040 |  |  | 31,235 |  | 18,841
Total | $34,040 |  | $17,378 |  | $33,089 |  | $25,662 |  | $22,069 |  |  | $51,418 |  | $33,832
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters | 14.0% |  |  |  |  |  |  |  |  |  |  |  |  |
| Q2 2025 |  | Q1 2025 |  | Q4 2024 |  | Q3 2024 |  | Q2 2024 |  |  | 2025 |  | 2024
Major Repositioning Capital Expenditures: (1) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital Improvements | $702 |  | $93 |  | $1,716 |  | $4,301 |  | $9,940 |  |  | $795 |  | $17,070
Tenant Improvements & Leasing Commissions | — |  | — |  | — |  | — |  | — |  |  | — |  | 89
Total | $702 |  | $93 |  | $1,716 |  | $4,301 |  | $9,940 |  |  | $795 |  | $17,159
| Q2 2025 |  | Q1 2025 |  | Q4 2024 |  | Q3 2024 |  | Q2 2024 |  |  | 2025 |  | 2024
First Generation Capital Expenditures: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenant Improvements & Leasing Commissions | $5,834 |  | $3,914 |  | $2,259 |  | $1,431 |  | $3,773 |  |  | $9,748 |  | $13,836
Total | $5,834 |  | $3,914 |  | $2,259 |  | $1,431 |  | $3,773 |  |  | $9,748 |  | $13,836

________________________
(1)Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(2)Includes 100% of consolidated property partnerships.
(3)This category represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
Kilroy Realty Q2 2025 Supplemental Report | 19

| Where Innovation Works

Stabilized Portfolio Lease Expiration Summary (1)(2)
($ in thousands, except for Annualized Base Rent per sq. ft.)

# of Expiring Leases | 38 | 69 | 72 | 64 | 52 | 68 | 51 | 18 | 13 | 20 | 32
% of Total Leased Sq. Ft. | 2.4% | 10.0% | 7.7% | 8.9% | 9.6% | 12.9% | 17.8% | 8.6% | 8.0% | 5.4% | 8.7%
Annualized Base Rent (“ABR”) (3) | $16,980 | $60,747 | $39,109 | $72,687 | $68,648 | $99,332 | $148,837 | $74,513 | $61,713 | $47,434 | $67,435
% of Total ABR | 2.2% | 8.1% | 5.1% | 9.6% | 9.1% | 13.1% | 19.6% | 9.8% | 8.1% | 6.3% | 9.0%
ABR per Sq. Ft. | $52.88 | $46.61 | $38.95 | $62.17 | $54.40 | $58.77 | $63.64 | $66.07 | $58.96 | $66.63 | $59.83

________________________
(1)Represents all in-place leases as of June 30, 2025, except intercompany leases. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
(2)Adjusting for leases that have been backfilled or renewed by a subtenant as of June 30, 2025 but not yet commenced, the 2025, 2026, and 2027 expirations would be reduced by 90,492, 1,272, and 5,875 square feet,
respectively.
(3)Includes 100% of consolidated property partnerships.
Kilroy Realty Q2 2025 Supplemental Report | 20

| Where Innovation Works

Stabilized Portfolio Lease Expiration Schedule by Region
($ in thousands, except for Annualized Base Rent per sq. ft.)

Year |  | Region |  | # of Expiring Leases |  | Total Square Feet |  | % of Total Leased Sq. Ft. |  | Annualized Base Rent (1) |  | % of Total Annualized Base Rent |  | Annualized Base Rent per Sq. Ft.
2025 |  | Los Angeles |  | 23 |  | 67,982 |  | 0.5% |  | $2,817 |  | 0.4% |  | $41.44
| San Diego |  | 6 |  | 60,485 |  | 0.5% |  | 4,042 |  | 0.5% |  | 66.82
| San Francisco Bay Area |  | 6 |  | 93,381 |  | 0.6% |  | 6,332 |  | 0.8% |  | 67.81
| Seattle |  | 3 |  | 99,252 |  | 0.8% |  | 3,789 |  | 0.5% |  | 38.17
| Austin |  | — |  | — |  | —% |  | — |  | —% |  | —
| Total |  | 38 |  | 321,100 |  | 2.4% |  | $16,980 |  | 2.2% |  | $52.88
2026 |  | Los Angeles |  | 31 |  | 532,611 |  | 4.1% |  | $20,487 |  | 2.7% |  | $38.46
| San Diego |  | 11 |  | 158,231 |  | 1.2% |  | 8,648 |  | 1.1% |  | 54.66
| San Francisco Bay Area |  | 13 |  | 316,514 |  | 2.4% |  | 20,241 |  | 2.8% |  | 63.95
| Seattle |  | 14 |  | 295,864 |  | 2.3% |  | 11,371 |  | 1.5% |  | 38.43
| Austin |  | — |  | — |  | —% |  | — |  | —% |  | —
| Total |  | 69 |  | 1,303,220 |  | 10.0% |  | $60,747 |  | 8.1% |  | $46.61
2027 |  | Los Angeles |  | 38 |  | 728,021 |  | 5.5% |  | $26,635 |  | 3.5% |  | $36.59
| San Diego |  | 19 |  | 162,168 |  | 1.3% |  | 7,803 |  | 1.0% |  | 48.12
| San Francisco Bay Area |  | 6 |  | 33,449 |  | 0.3% |  | 1,596 |  | 0.2% |  | 47.70
| Seattle |  | 9 |  | 80,488 |  | 0.6% |  | 3,075 |  | 0.4% |  | 38.20
| Austin |  | — |  | — |  | —% |  | — |  | —% |  | —
| Total |  | 72 |  | 1,004,126 |  | 7.7% |  | $39,109 |  | 5.1% |  | $38.95
2028 |  | Los Angeles |  | 30 |  | 157,521 |  | 1.2% |  | $8,508 |  | 1.1% |  | $54.01
| San Diego |  | 14 |  | 222,047 |  | 1.7% |  | 12,578 |  | 1.7% |  | 56.65
| San Francisco Bay Area |  | 12 |  | 737,225 |  | 5.6% |  | 49,555 |  | 6.5% |  | 67.22
| Seattle |  | 8 |  | 52,403 |  | 0.4% |  | 2,046 |  | 0.3% |  | 39.04
| Austin |  | — |  | — |  | —% |  | — |  | —% |  | —
| Total |  | 64 |  | 1,169,196 |  | 8.9% |  | $72,687 |  | 9.6% |  | $62.17
2029 |  | Los Angeles |  | 16 |  | 337,403 |  | 2.6% |  | $19,714 |  | 2.6% |  | $58.43
| San Diego |  | 19 |  | 263,785 |  | 2.0% |  | 13,938 |  | 1.8% |  | 52.84
| San Francisco Bay Area |  | 7 |  | 429,602 |  | 3.3% |  | 24,827 |  | 3.4% |  | 57.79
| Seattle |  | 9 |  | 226,849 |  | 1.7% |  | 9,934 |  | 1.3% |  | 43.79
| Austin |  | 1 |  | 4,211 |  | —% |  | 235 |  | —% |  | 55.91
| Total |  | 52 |  | 1,261,850 |  | 9.6% |  | $68,648 |  | 9.1% |  | $54.40
2030 and Beyond |  | Los Angeles |  | 57 |  | 1,268,421 |  | 9.7% |  | $71,313 |  | 9.4% |  | $56.22
| San Diego |  | 64 |  | 1,562,922 |  | 11.9% |  | 97,776 |  | 12.9% |  | 62.56
| San Francisco Bay Area |  | 38 |  | 3,025,608 |  | 23.1% |  | 230,127 |  | 30.4% |  | 76.06
| Seattle |  | 29 |  | 1,589,873 |  | 12.1% |  | 72,718 |  | 9.6% |  | 45.74
| Austin |  | 14 |  | 595,629 |  | 4.6% |  | 27,330 |  | 3.6% |  | 45.88
| Total |  | 202 |  | 8,042,453 |  | 61.4% |  | $499,264 |  | 65.9% |  | $62.08

________________________
(1)Includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the a nnualized monthly contractual rents from existing tenants, including the impact of straight-lined rent
escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional information.
Kilroy Realty Q2 2025 Supplemental Report | 21

| Where Innovation Works

Top 20 Tenants (1)
($ in thousands)

# |  | Tenant Name |  | Region |  | Annualized Base Rental Revenue (2) |  | Rentable Square Feet |  | Percentage of Total Annualized Base Rental Revenue |  | Percentage of Total Rentable Square Feet |  | Year(s) of Significant Lease Expiration(s) (3) |  | Weighted Average Remaining Lease Term (Years) |
1 |  | Global technology company |  | Seattle / San Diego |  | $44,851 |  | 849,826 |  | 5.9% |  | 5.2% |  | 2032 - 2033 / 2037 |  | 8.1 |
2 |  | Cruise LLC |  | San Francisco Bay Area |  | 35,449 |  | 374,618 |  | 4.7% |  | 2.3% |  | 2031 |  | 6.4 |
3 |  | Stripe, Inc. |  | San Francisco Bay Area |  | 33,110 |  | 425,687 |  | 4.4% |  | 2.6% |  | 2034 |  | 9.0 |
4 |  | Adobe Systems, Inc. |  | San Francisco Bay Area / Seattle |  | 27,897 |  | 537,799 |  | 3.7% |  | 3.3% |  | 2027 / 2031 |  | 5.9 |
5 |  | Salesforce, Inc. |  | San Francisco Bay Area / Seattle |  | 24,706 |  | 472,988 |  | 3.3% |  | 2.9% |  | 2029 - 2030 / 2032 |  | 4.9 |
6 |  | Okta, Inc. |  | San Francisco Bay Area |  | 24,206 |  | 293,001 |  | 3.2% |  | 1.8% |  | 2028 |  | 3.3 |
7 |  | DoorDash, Inc. |  | San Francisco Bay Area |  | 23,842 |  | 236,759 |  | 3.2% |  | 1.4% |  | 2032 |  | 6.6 |
8 |  | Netflix, Inc. |  | Los Angeles |  | 21,854 |  | 361,388 |  | 2.9% |  | 2.2% |  | 2032 |  | 7.1 |
9 |  | Cytokinetics, Inc. |  | San Francisco Bay Area |  | 18,167 |  | 234,892 |  | 2.4% |  | 1.4% |  | 2033 |  | 8.3 |
10 |  | Box, Inc. |  | San Francisco Bay Area |  | 16,853 |  | 287,680 |  | 2.2% |  | 1.8% |  | 2028 |  | 3.0 |
11 |  | Neurocrine Biosciences, Inc. (4) |  | San Diego |  | 16,365 |  | 299,064 |  | 2.2% |  | 1.8% |  | 2025 / 2029 / 2031 |  | 5.2 |
12 |  | DIRECTV, LLC (5) |  | Los Angeles |  | 16,085 |  | 532,956 |  | 2.1% |  | 3.3% |  | 2026 - 2027 |  | 2.2 |
13 |  | Tandem Diabetes Care, Inc. |  | San Diego |  | 15,884 |  | 181,949 |  | 2.1% |  | 1.1% |  | 2035 |  | 9.8 |
14 |  | Synopsys, Inc. |  | San Francisco Bay Area |  | 15,492 |  | 342,891 |  | 2.1% |  | 2.1% |  | 2030 |  | 5.2 |
15 |  | Viacom International, Inc. |  | Los Angeles |  | 13,718 |  | 220,330 |  | 1.8% |  | 1.3% |  | 2028 |  | 3.5 |
16 |  | Indeed, Inc. |  | Austin CBD |  | 13,430 |  | 330,394 |  | 1.8% |  | 2.0% |  | 2034 |  | 9.5 |
17 |  | Sony Interactive Entertainment, LLC |  | San Francisco Bay Area |  | 13,059 |  | 127,760 |  | 1.7% |  | 0.8% |  | 2030 |  | 4.8 |
18 |  | Amazon.com |  | Seattle |  | 12,921 |  | 284,307 |  | 1.7% |  | 1.7% |  | 2030 |  | 4.6 |
19 |  | Nektar Therapeutics, Inc. |  | San Francisco Bay Area |  | 12,297 |  | 135,974 |  | 1.6% |  | 0.8% |  | 2030 |  | 4.6 |
20 |  | Riot Games, Inc. (6) |  | Los Angeles |  | 12,234 |  | 197,676 |  | 1.6% |  | 1.2% |  | 2026 / 2031 |  | 3.2 |
|  | Total Top 20 Tenants |  |  |  | $412,420 |  | 6,727,939 |  | 54.6% |  | 41.0% |  |  |  | 5.9 |

________________________
(1)Includes subsidiaries of the tenant listed. Excludes tenants at properties classified as held for sale.
(2)The information presented is based upon Annualized Base R ent as of June 30, 2025 and includes 100% of consolidated property partnerships. The Company calculates Annualized Base Rent as the a nnualized monthly
contractual rents from existing tenants, including the impact of straight-lined rent escalations and the amortization of free rent periods. Refer to pages 39-42 “Definitions Included in Supplemental” for additional
information.
(3)Significant lease expirations include those greater than 25,000 rentable square feet.
(4)The 2025 lease expiration represents 26,043 rentable square feet that expired on June 30, 2025.
(5)The 2026 lease expiration represents 49,255 rentable square feet that expires on September 30, 2026.
(6)The 2026 lease expiration represents 110,834 rentable square feet that expires on November 30, 2026.
Kilroy Realty Q2 2025 Supplemental Report | 22

| Where Innovation Works

Tenant Industry Diversification (1)

Annualized Base Rent (2) | Square Feet (3)

________________________
(1)Based on the North American Industry Classification System, as of June 30, 2025.
(2)Includes 100% of consolidated property partnerships.
(3)Based on square footage of all in-place leases in the Stabilized Portfolio as of June 30, 2025, except intercompany leases.
Kilroy Realty Q2 2025 Supplemental Report | 23

| Where Innovation Works

2025 Operating Property Acquisitions
($ in millions)

|  | Submarket |  | Month of Acquisition |  | Number of Buildings |  | Rentable Square Feet |  | Purchase Price (1)
1st Quarter |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  | — |  | — |  | $—
2nd Quarter |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  | — |  | — |  | —
Total |  |  |  |  |  | — |  | — |  | $—

________________________
(1)Excludes acquisition-related costs.
Kilroy Realty Q2 2025 Supplemental Report | 24

| Where Innovation Works

2025 Property Dispositions, Held for Sale, and Development Pipeline Under
Contract

Operating Property Dispositions |  | Submarket |  | Month of Disposition |  | Number of Buildings |  | Rentable Square Feet |  | Sales Price (1)
1st Quarter |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  | — |  | — |  | $—
2nd Quarter |  |  |  |  |  |  |  |  |  |
501 Santa Monica Boulevard |  | West Los Angeles |  | June |  | 1 |  | 78,509 |  | 40.0
Total |  |  |  |  |  | 1 |  | 78,509 |  | $40.0

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

Operating Properties Held for Sale and Development Pipeline Under Contract |  | Submarket |  | Number of Buildings |  | Rentable Square Feet / Acreage Under Contract |  | Anticipated Sales Price (1)
Operating Properties Held for Sale |  |  |  |  |  |  |  |
Silicon Valley Campus |  | Silicon Valley |  | 4 |  | 663,460 |  | $365.0
Total |  |  |  |  |  |  |  | $365.0
Development Pipeline - Under Contract (2) |  |  |  |  |  |  |  |
1633 26th Street |  | West Los Angeles |  | N/A |  | 2 acres |  | $41.0
Santa Fe Summit (3) |  | 56 Corridor |  | N/A |  | 5 acres |  | 38.0
Total |  |  |  |  |  |  |  | $79.0
Total Anticipated Proceeds |  |  |  |  |  |  |  | $444.0

________________________
(1)Excludes the impact of commissions, closing costs, and purchase price credits.
(2)Subject to a signed agreement and non-refundable deposit as of the date of this filing. Both development sites are anticipated to close upon receipt of entitlements, which is expected to occur in 2026.
(3)Approximately five acres of the 22-acr e future development site is under contract.
Kilroy Realty Q2 2025 Supplemental Report | 25

| Where Innovation Works

Consolidated Ventures (Noncontrolling Property Partnerships)
(unaudited, $ in thousands)

Property |  | Venture Partner |  | Submarket |  | Rentable Square Feet |  | KRC Ownership % (1)
100 First Street, San Francisco, CA |  | Norges Bank Investment Management |  | San Francisco |  | 480,457 |  | 56%
303 Second Street, San Francisco, CA |  | Norges Bank Investment Management |  | San Francisco |  | 784,658 |  | 56%
900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1) |  | Local developer |  | Redwood City |  | 347,842 |  | 93%

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash Operating Revenues: |  |  |  |  |  |  |  |
Base rent |  | $26,850 |  | $26,931 |  | $54,330 |  | $51,859
Tenant reimbursements |  | 3,946 |  | 3,429 |  | 7,459 |  | 6,530
Other revenues (2) |  | 3,284 |  | (2,466) |  | 2,201 |  | (3,214)
Settlement and restoration fee income |  | 212 |  | — |  | 212 |  | 459
Other property income (3) |  | 730 |  | 746 |  | 1,224 |  | 1,385
Total cash operating revenues |  | 35,022 |  | 28,640 |  | 65,426 |  | 57,019
Cash Operating Expenses: |  |  |  |  |  |  |  |
Property expenses |  | 7,073 |  | 6,369 |  | 13,283 |  | 12,279
Real estate taxes |  | 2,230 |  | 2,197 |  | 4,460 |  | 4,392
Total cash operating expenses |  | 9,303 |  | 8,566 |  | 17,743 |  | 16,671
Cash Net Operating Income (4)(5)(6) |  | 25,719 |  | 20,074 |  | 47,683 |  | 40,348
Deferred income and lease incentives, net |  | 371 |  | 463 |  | 742 |  | 951
Amortization of tenant-funded improvements |  | 472 |  | 433 |  | 934 |  | 1,367
Straight-line rents, net |  | (1,079) |  | 127 |  | (1,970) |  | 499
Net Operating Income (4)(5) |  | 25,483 |  | 21,097 |  | 47,389 |  | 43,165
Lease termination fees (5) |  | 10,724 |  | 135 |  | 10,858 |  | 276
Other income (expense) |  | — |  | (2) |  | (4) |  | (6)
General & administrative expenses |  | (9) |  | (8) |  | (9) |  | (8)
Leasing costs |  | (33) |  | (12) |  | (52) |  | (46)
Depreciation and amortization |  | (8,432) |  | (7,519) |  | (16,554) |  | (16,028)
Net Income |  | $27,733 |  | $13,691 |  | $41,628 |  | $27,353

________________________
(1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)Primarily composed of contractual parking income and revenues deemed uncollectible.
(3)Primarily composed of transient parking income.
(4)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(5)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income and Cash Net Operating Income. The three months ended June 30, 2024 excludes $0.1 million of lease
termination fees from Net Operating Income. The six months ended June 30, 2024 excludes $0.3 million and $2.5 million of lease termination fees from Net Operating Income and Cash Net Operating Income,
respectively.
(6)Commencing January 1, 2025, the Company began including additional amounts in Cash Net Operating Income primarily related to revenues deemed uncollectible. The six months ended June 30, 2024, includes $0.1
millio n related to these amounts.
03
Development
–Stabilized Development & Redevelopment Projects
–In-Process Development & Redevelopmen t Projects
–Future Development Pipeline
2100 Kettner, San Diego, CA
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| Where Innovation Works

Stabilized Development & Redevelopment Projects
($ in millions)

|  | Location |  | Construction Start Date |  | Stabilization Date (1) |  | Total Estimated Investment |  | Rentable Square Feet |  | % Leased |  | Total Project % Occupied
1st Quarter |  |  |  |  |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  | $— |  | — |  | —% |  | —%
2nd Quarter |  |  |  |  |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  | — |  | — |  | —% |  | —%
Total |  |  |  |  |  |  |  | $— |  | — |  | —% |  | —%

________________________
(1)Represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components.
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| Where Innovation Works

In-Process Development & Redevelopment Projects
($ in millions)

|  | Location |  | Construction Start Date |  | Estimated Stabilization Date (2) |  | Estimated Rentable Square Feet |  | Total Estimated Investment |  | Total Cash Costs Incurred (3)(4) |  | % Leased |  | % Occupied
TENANT IMPROVEMENT (1) |  |  |  |  |  |  |  |
Office / Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kilroy Oyster Point - Phase 2 |  | South San Francisco |  | 2Q 2021 |  | 1Q 2026 |  | 875,000 |  | $1,025 |  | $838 |  | —% |  | —%
4400 Bohannon Drive (5) |  | Other Peninsula |  | 4Q 2022 |  | 3Q 2025 |  | 48,000 |  | 55 |  | 47 |  | —% |  | —%
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4690 Executive Drive (5) |  | University Towne Center |  | 1Q 2022 |  | 3Q 2025 |  | 52,000 |  | 30 |  | 23 |  | 47% |  | —%
Total |  |  |  |  |  |  |  | 975,000 |  | $1,110 |  | $908 |  | 3% |  | —%

________________________
(1)Represents projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service.
(2)For office and retail, represents the earlier of the date the project achieves 95% occupancy or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost
capitalization may cease and recommence driven by various factors, including tenant improvement construction, other tenant related timing, or changes in project scope. For Redevelopment Projects, redevelopment will
occur in phases based on existing lease expiration dates and timing of the tenant improvement build-out.
(3)Represents costs incurred as of June 30, 2025, excluding accrued liabilities recorded in accordance with GAAP.
(4)For Redevelopment Projects, includes the existing depreciated basis for the buildings to be redeveloped.
(5)Redevelopment Project.
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| Where Innovation Works

Future Developmen t Pipeline
($ in millions)

|  | Location |  | Approx. Developable Square Feet / Resi Units (1) |  | Total Cash Costs Incurred as of 6/30/2025 (2)
Los Angeles |  |  |  |  |  |  |  |
1633 26th Street (3) |  | West Los Angeles |  | 190,000 |  | $15
San Diego |  |  |  |  |  |  |  |
Santa Fe Summit (3)(4) |  | 56 Corridor |  | 600,000 - 650,000 |  | 116
2045 Pacific Highway |  | Little Italy / Point Loma |  | 275,000 |  | 57
Kilroy East Village |  | East Village |  | 1,100 units |  | 68
San Francisco Bay Area |  |  |  |  |  |  |  |
Kilroy Oyster Point - Phases 3 and 4 |  | South San Francisco |  | 875,000 - 1,000,000 |  | 233
Flower Mart |  | San Francisco CBD |  | 2,300,000 |  | 642
Seattle |  |  |  |  |  |  |  |
SIX0 |  | Lake Union / Denny Regrade |  | 925,000 and 650 units |  | 195
Austin |  |  |  |  |  |  |  |
Stadium Tower |  | Stadium District / Domain |  | 493,000 |  | 76
Total |  |  |  |  |  |  |  | $1,402

________________________
(1)Project scope, including the estimated developable square feet or number of residential units, could change materially from estimates provided due to one or more of the following: significant changes in the economy,
market conditions, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of June 30, 2025, net of municipal bonds proceeds received related to public infrastructure improvements, and excluding accrued liabilities recorded in accordance with GA A P.
(3)Subject to a signed agreement and non-refundable deposit as of the date of this filing. Refer to page 24 “2025 Property Dispositions, Held for Sale, and Development Pipeline Under Contract” for additional information.
(4)Approximately five acres of the 22-acre future development site is under contract.
04
Debt &
Capitalization Data
–Capital Structure
–Debt Maturities
–Debt Covenants & Leverage Ratios
Aero, Long Beach, CA
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| Where Innovation Works

Capital Structure
As of June 30, 2025
($ in thousands)

|  | Shares/ Units |  | Aggregate Principal Amount or $ Value Equivalent |  | % of Total Market Capitalization |  | Stated Rate (1) |  | Effective Rate (2) |  | Maturity Date
Unsecured Debt
Revolving Credit Facility (3) |  |  |  | $— |  | —% |  | 5.65% |  | 5.65% |  | 7/31/2028
Term Loan Facility (4) |  |  |  | 200,000 |  | 2.3% |  | 5.62% |  | 6.49% |  | 10/3/2027
Private Placement Senior Notes Series A due 2026 |  |  |  | 50,000 |  | 0.6% |  | 4.30% |  | 4.39% |  | 7/18/2026
Private Placement Senior Notes Series B due 2026 |  |  |  | 200,000 |  | 2.3% |  | 4.35% |  | 4.44% |  | 10/18/2026
Private Placement Senior Notes Series A due 2027 |  |  |  | 175,000 |  | 2.0% |  | 3.35% |  | 3.42% |  | 2/17/2027
Private Placement Senior Notes Series B due 2029 |  |  |  | 75,000 |  | 0.9% |  | 3.45% |  | 3.51% |  | 2/17/2029
Private Placement Senior Notes due 2031 |  |  |  | 350,000 |  | 3.9% |  | 4.27% |  | 4.32% |  | 1/31/2031
Senior Notes due 2025 |  |  |  | 400,000 |  | 4.6% |  | 4.38% |  | 4.51% |  | 10/1/2025
Senior Notes due 2028 (5) |  |  |  | 400,000 |  | 4.6% |  | 4.75% |  | 4.87% |  | 12/15/2028
Senior Notes due 2029 |  |  |  | 400,000 |  | 4.6% |  | 4.25% |  | 4.38% |  | 8/15/2029
Senior Notes due 2030 |  |  |  | 500,000 |  | 5.6% |  | 3.05% |  | 3.17% |  | 2/15/2030
Senior Notes due 2032 (5) |  |  |  | 425,000 |  | 4.9% |  | 2.50% |  | 2.63% |  | 11/15/2032
Senior Notes due 2033 (5) |  |  |  | 450,000 |  | 5.2% |  | 2.65% |  | 2.73% |  | 11/15/2033
Senior Notes due 2036 |  |  |  | 400,000 |  | 4.6% |  | 6.25% |  | 6.41% |  | 1/15/2036
|  |  |  | $4,025,000 |  | 46.1% |  | 4.02% |  | 4.33% |  |
Secured Debt (6)
100 Hooper St., San Francisco Bay Area (7) |  |  |  | $150,758 |  | 1.7% |  | 3.57% |  | 3.68% |  | 12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle |  |  |  | 77,837 |  | 0.9% |  | 4.48% |  | 4.57% |  | 7/1/2027
One Paseo Mixed-Use Campus, San Diego |  |  |  | 375,000 |  | 4.3% |  | 5.90% |  | 6.13% |  | 8/10/2034
|  |  |  | $603,595 |  | 6.9% |  | 5.13% |  | 5.32% |  |
Total Debt |  |  |  | $4,628,595 |  | 53.0% |  | 4.17% |  | 4.47% |  |
Equity and Noncontrolling Interest in the Operating Partnership (8)
Common limited partnership units outstanding (9) |  | 1,150,574 |  | $39,476 |  | 0.5% |  |  |  |  |  |
Shares of common stock outstanding |  | 118,294,328 |  | 4,058,678 |  | 46.5% |  |  |  |  |  |
Total Equity and Noncontrolling Interest in the Operating Partnership |  |  |  | $4,098,154 |  | 47.0% |  |  |  |  |  |
Total Market Capitalization |  |  |  | $8,726,749 |  | 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 June 30, 2025. All other stated rates are fixed interest rates.
(2)I ncludes the unused facility fee, amortization of deferred financing costs for the unsecured term loan facility, unsecured senior notes, and secured deb t, and the amortization of discounts for the unsecured senior notes.
(3)The maturity of the unsecured revolving credit facility does not assume the exercise of the Company's two six-month extension options.
(4)The maturity of the unsecured term loan assumes the exercise of the two 12-month extensions, at the Company’s election.
(5)Green bond.
(6)The mortgage notes are secured by the properties listed.
(7)During the quarter ended June 30, 2025, the mortgage note secured by the Westside Media Center campus was transferred to 100 Hooper Street.
(8)Value based on closing share price of $34.31, as of June 30, 2025.
(9)Includes common units of the Operating Partnership not owned by the Company; does not include noncontrolling interests in consolidated property partnerships.
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| Where Innovation Works

Debt Maturities
As of June 30, 2025
($ in thousands)

Total Debt | $403,153 | $401,317 | $449,125 | $400,000 | $475,000 | $500,000 | $350,000 | $425,000 | $450,000 | $375,000 | — | $400,000
Weighted Average Stated Rate | 4.37% | 4.06% | 4.55% | 4.75% | 4.12% | 3.05% | 4.27% | 2.50% | 2.65% | 5.90% | —% | 6.25%
% of Total | 9% | 9% | 9% | 9% | 10% | 11% | 8% | 9% | 9% | 8% | —% | 9%

________________________
(1)The maturity date of the unsecured term loan assumes the exercise of the two 12-month extensions, at the Company's election.
(2)As of June 30, 2025, there was n o 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.
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| Where Innovation Works

Debt Covenants & Leverage Ratios (1)
($ in thousands)

KEY DEBT COVENANTS (2) |  | Covenant |  | Actual Performance as of June 30, 2025
Unsecured Credit and Term Loan Facilities and Private Placement Notes: |  |  |  |
Total debt to total asset value |  | less than 60% |  | 33%
Fixed charge coverage ratio |  | greater than 1.5x |  | 3.4x
Unsecured debt ratio |  | greater than 1.67x |  | 2.95x
Unencumbered asset pool debt service coverage |  | greater than 1.75x |  | 3.75x
Unsecured Senior Notes due 2025, 2028, 2029, 2030, 2032, 2033, and 2036: |  |  |  |
Total debt to total asset value |  | less than 60% |  | 35%
Interest coverage |  | greater than 1.5x |  | 5.5x
Secured debt to total asset value |  | less than 40% |  | 5%
Unencumbered asset pool value to unsecured debt |  | greater than 150% |  | 301%

NET DEBT TO COMPANY'S SHARE OF EBITDAre RATIOS |  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024
Total principal amount of debt |  | $4,628,595 |  | $4,630,149 |  | $4,631,688 |  | $5,036,923 |  | $5,158,432
Cash and cash equivalents |  | (193,129) |  | (146,711) |  | (165,690) |  | (625,395) |  | (835,893)
Net debt |  | $4,435,466 |  | $4,483,438 |  | $4,465,998 |  | $4,411,528 |  | $4,322,539
Trailing 12-months Company's share of EBITDAre (3)(4) |  | $674,686 |  | $677,632 |  | $696,855 |  | $686,336 |  | $673,269
Trailing 12-months Company's share of Adjusted EBITDAre (3)(4) |  | $658,562 |  | $651,936 |  | $659,103 |  | $642,678 |  | $632,284
Net debt to Company's share of EBITDAre Ratio |  | 6.6x |  | 6.6x |  | 6.4x |  | 6.4x |  | 6.4x
Net debt to Company's share of Adjusted EBITDAre Ratio |  | 6.7x |  | 6.9x |  | 6.8x |  | 6.9x |  | 6.8x

________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(2)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.
(3)Calculated as the sum of the Company's share of EBITDAre and Adjusted EBITDAre for the trailing four quarters.
(4)Refer to page 44 for reconciliations of GAAP Net Income Available to Common Stockholders to EBITDAre for the three months ended March 31, 2024, December 31, 2023, and September 30, 2023.
05
Non-GAAP
Supplemental
Measures
West8, Seattle, WA
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| 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 July 28, 2025
and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results
of operations.
Net Operating Income:
Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company’s NOI metrics
are defined as follows:
•Net Operating Income - Consolidated operating revenues composed of rental income and other property income, excluding lease termination fees, less
consolidated property and related expenses (property expenses, real estate taxes and ground leases).
•Cash Net Operating Income - NOI adjusted for certain non-cash amounts (e.g. straight-line rents, net, amortization of deferred revenue related to tenant-
funded tenant improvements, deferred income and lease incentives, net, deferred settlement and restoration fee income, and the amortization of net below
market rents), as well as the provision for bad debts related to these certain non-cash adjustments.
•Same Property Cash Net Operating Income - Cash NOI for all of the properties that were owned and included in the Company’s Stabilized Portfolio for
two comparable reporting periods.
Commencing January 1, 2025, the Company began excluding lease termination fees from the calculation of rental revenue for the Company’s NOI metrics as it is
non-recurring in nature and its exclusion will provide a measure that the Company believes is more indicative of its operating performance. Other real estate
investment trusts (“REITs”) may use different methodologies for calculating NOI, Cash NOI, and Same Property Cash NOI, and accordingly, the Company’s NOI
metrics may not be comparable to other REITs.
The Company uses these NOI metrics to evaluate its operating performance on a portfolio basis since the NOI metrics allow the Company to evaluate the impact
that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management
believes that its NOI metrics provide useful information to the investment community about the Company’s financial and operating performance when compared to
other REITs since NOI, Cash NOI, and Same Property Cash NOI are generally recognized as standard measures of performance in the real estate industry.
Because the Company’s NOI metrics exclude lease termination fees, leasing costs, general and administrative expenses, interest expense, depreciation and
amortization, other income and expenses, and gains and losses, they provide performance measures that, when compared year over year, reflects the consolidated
revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental
rates, and operating costs, providing a perspective on operations not immediately apparent from net income. Additionally, because Same Property Cash NOI
excludes the change in Cash NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends on a cash basis
such as occupancy levels, rental rates and operating costs on properties.
The Company’s NOI metrics should not be viewed as alternative measures of the Company’s financial performance since they does not reflect general and
administrative expense s, leasing costs, lease termination fees, interest expense, depreciation and amortization costs, other nonproperty income and losses and the
level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities
which are significant economic costs and activities that could materially impact the Company’s results from operations. In addition, Same Property Cash NOI should
not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio.
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| Where Innovation Works

Management Statements on Non-GAAP Supplemental Measures, continued
EBITDAre, Company's Share of EBITDAre, and Company's Share of Adjusted EBITDAre:
The Company calculates Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) in accordance with the 2017 White Paper on
EBITDAre approved by the Board of Governors of Nareit. Management believes that consolidated earnings before interest expense, tax expense, depreciation and
amortization, gain/loss on early extinguishment of debt, gains and losses on the sale of depreciable real estate and non-real estate assets, net income attributable to
noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses
(EBITDAre) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, management
believes EBITDAre, gives the investment community a more complete understanding of the Company’s consolidated operating results, including the impact of
general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates comparisons with
competitors. Management also believes it is appropriate to present EBITDAre as it is used in several of the Company’s financial covenants for both its secured and
unsecured deb t. 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.
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| 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
and adjustments for executive retirement obligations, lease related adjustments, gains and losses on sales of non-real estate assets, and amounts attributable to
n oncontrolling 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.
06
Definitions &
Reconciliations
201 Third, San Francisco, CA
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| Where Innovation Works

Definitions Included in Supplemental
Annualized Base Rent:
Annualized monthly contractual rents from existing tenants 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. Additionally, the underlying leases
contain various expense structures including full service gross, modified gross and triple net. Amounts represent percentage of total portfolio annualized
contractual base rental revenue.
Capital Expenditures:
Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions.
Effective Rate:
Represents the Stated Rate, including the unused facility fee and the effects of the amortization of any discounts/premiums and debt issuance costs.
Estimated Stabilization Date (Development):
Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction
activities for office and retail properties, and the date of substantial completion for residential properties.
FAD Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FAD.
First Generation ("1st Gen"):
Space not yet leased at recently completed development and Redevelopment Properties that have been added to the Stabilized Portfolio. Capital
expenditures for first generation space do not include expenditures for in-process development and Redevelopment Projects and these costs are not
subtracted in the calculation of FAD.
Fixed Charge Coverage Ratio - EBITDAre:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year
accrued preferred dividends.
Fixed Charge Coverage Ratio - Net Income:
Calculated as net income, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year
accrued preferred dividends.
FFO Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by FFO attributable to common stockholders and unitholders.
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Definitions Included in Supplemental, continued
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses.
Interest Coverage Ratio:
Calculated as EBITDAre divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums).
Major Repositioning:
Space for which 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
are included in 2nd Gen Capital Expenditures.
Net Income Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted
stock unitholders) divided by net income.
Net Leases Types:
Represents leases where the tenant is obligated to pay a share of certain operating expenses.
Net Operating Income Margin:
Calculated as Net Operating Income divided by total revenues.
Redevelopment Properties/Projects:
Properties 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 Rates (Leases Executed):
Calculated as the percentage of square footage renewed by existing tenants at lease expiration or termination divided by the square footage of space
renewed by existing tenants and lease expirations during the period.
Retention Rates (Leases Executed Including Subtenants):
Retention rate, inclusive of leases with subtenants where the Company does not expect to experience significant downtime in occupancy between leases.
Kilroy Realty Q2 2025 Supplemental Report | 41

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Definitions Included in Supplemental, continued
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, 2024 and still owned and included in the Stabilized Portfolio as of June 30, 2025. It includes the
residential portfolio, which consists of a 200-unit residential tower and a 193-unit Jardine project in Hollywood, California and 608 residential units at the
Company’s One Paseo mixed-use project in Del Mar, California. It does not include undeveloped land, development and Redevelopment Properties currently
committed for construction, under construction, or in the tenant improvement phase, and properties classified as held for sale. Also excludes recently
stabilized development and Redevelopment Projects.

Same Property Portfolio Rollforward |  |  |  |
|  | Number of Buildings |  | Square Feet
Same Property Portfolio as of December 31, 2024 |  | 119 |  | 16,209,399
Stabilized Development and Redevelopment Properties Added |  | 2 |  | 829,591
Dispositions and Properties Held for Sale |  | (5) |  | (741,969)
Remeasurements |  | — |  | (5,261)
Same Property Portfolio as of June 30, 2025 |  | 116 |  | 16,291,760
Stabilized Acquisition Properties |  | 2 |  | 103,731
Stabilized Portfolio as of June 30, 2025 |  | 118 |  | 16,395,491

Second Generation ("2nd Gen"):
Space at properties in the Stabilized Portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.
Excludes leases with a lease term of less than one year. Tenant improvement and leasing commission capital expenditures for projects classified as Major
Repositioning are captured in 2nd Gen Capital Expenditures.
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 |  |  |  |
|  | Number of Buildings |  | Square Feet
Stabilized Portfolio as of December 31, 2024 |  | 123 |  | 17,142,721
Dispositions and Properties Held for Sale |  | (5) |  | (741,969)
Remeasurements |  | — |  | (5,261)
Stabilized Portfolio as of June 30, 2025 |  | 118 |  | 16,395,491

Stated Rate:
The rate at which interest expense is recorded per the respective loan documents.
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Straight-Line Rents, Net:
Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable
balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.
Tenant Improvement Phase:
Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building
modifications before being placed in service.
Total Debt
Represents the gross aggregate principal amount due as of June 30, 2025. Excludes unamortized deferred financing costs for the unsecured revolving credit
and term loan facilities, unsecured senior notes, and secured debt, and unamortized discounts for the unsecured senior notes.
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 |  | 118 |  | 16,395,491
Properties Held for Sale |  | 4 |  | 663,460
Total Portfolio as of June 30, 2025 |  | 122 |  | 17,058,951

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| Where Innovation Works

Reconciliation of Net Income Available to Common Stockholders to
Same Property Cash Net Operating Income (1)
(unaudited, $ in thousands)

|  | Three Months Ended |  |  | Six Months Ended
|  | 6/30/2025 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
Net Income Available to Common Stockholders |  | $68,449 |  | $49,211 |  |  | $107,457 |  | $99,131
Net income attributable to noncontrolling common units of the Operating Partnership |  | 663 |  | 458 |  |  | 1,038 |  | 960
Net income attributable to noncontrolling interests in consolidated property partnerships |  | 10,456 |  | 4,878 |  |  | 14,754 |  | 10,156
Net Income |  | 79,568 |  | 54,547 |  |  | 123,249 |  | 110,247
Adjustments: |  |  |  |  |  |  |  |  |
Gain on sale of depreciable operating property |  | (16,554) |  | — |  |  | (16,554) |  | —
Depreciation and amortization |  | 87,625 |  | 87,151 |  |  | 174,744 |  | 175,182
Interest expense |  | 30,844 |  | 36,763 |  |  | 61,992 |  | 75,634
Interest income |  | (512) |  | (10,084) |  |  | (1,646) |  | (23,274)
Other income (expense) |  | (190) |  | 127 |  |  | (33) |  | 414
Leasing costs |  | 2,277 |  | 2,119 |  |  | 5,150 |  | 4,398
General and administrative expenses |  | 18,475 |  | 18,824 |  |  | 35,376 |  | 36,116
Lease termination fees (2) |  | (10,754) |  | (1,451) |  |  | (11,260) |  | (3,136)
Net Operating Income (3) |  | 190,779 |  | 187,996 |  |  | 371,018 |  | 375,581
Other (4) |  | 78 |  | 103 |  |  | 156 |  | 225
Deferred settlement and restoration income |  | (1,689) |  | 265 |  |  | (2,026) |  | —
Amortization of net below market rents |  | (845) |  | (886) |  |  | (1,691) |  | (1,790)
Straight-line rents, net |  | 3,354 |  | (634) |  |  | 7,967 |  | 2,902
Amortization of deferred revenue related to tenant-funded tenant improvements |  | (3,770) |  | (4,358) |  |  | (7,458) |  | (10,860)
Deferred income and lease incentives, net (5) |  | (771) |  | (1,921) |  |  | (1,605) |  | (4,217)
Cash Net Operating Income (3) |  | 187,136 |  | 180,565 |  |  | 366,361 |  | 361,841
Non-Same Property Net Cash Operating Income |  | (8,530) |  | (9,693) |  |  | (17,248) |  | (18,703)
Same Property Cash Net Operating Income (3) |  | 178,606 |  | 170,872 |  |  | 349,113 |  | 343,138

________________________
(1)Based upon the Same Store Portfolio as of June 30, 2025, which was comprised of 116 properties.
(2)Commencing January 1, 2025, the Company began excluding lease termination fees from Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income. Lease termination fees
are presented here on a GAAP basis and Net Operating Income, Cash Net Operating Income, and Same Property Cash Net Operating Income as presented has been conformed to the Company’s new definition.
(3)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
(4)Includes other non-cash amounts primarily related to property expenses and ground rent expense.
(5)Includes non-cash adjustments attributable to lease-related matters, including GAAP revenue recognition timing differences.
Kilroy Realty Q2 2025 Supplemental Report | 44

| Where Innovation Works

Reconciliation of Historical Net Income Available to Common
Stockholders to Company’s Share of Adjusted EBITDAre (1)
(unaudited, $ in thousands)

|  | Three Months Ended
|  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023
Net Income Available to Common Stockholders |  | $49,920 |  | $47,284 |  | $52,762
Interest expense |  | 38,871 |  | 32,325 |  | 29,837
Depreciation and amortization |  | 88,031 |  | 86,016 |  | 85,224
EBITDA |  | 176,822 |  | 165,625 |  | 167,823
Net income attributable to noncontrolling common units of the Operating Partnership |  | 502 |  | 471 |  | 515
Net income attributable to noncontrolling interests in consolidated property partnerships |  | 5,278 |  | 5,291 |  | 5,460
EBITDAre |  | 182,602 |  | 171,387 |  | 173,798
EBITDAre attributable to noncontrolling interests in consolidated property partnerships |  | (8,660) |  | (8,328) |  | (8,390)
Company's share of EBITDAre |  | 173,942 |  | 163,059 |  | 165,408
Interest income |  | (13,190) |  | (10,696) |  | (7,015)
Company's share of Adjusted EBITDAre |  | $160,752 |  | $152,363 |  | $158,393

________________________
(1)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
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Reconciliation of GAAP Net Cash Provided by Operating Activities to
Funds Available for Distribution
(unaudited, $ in thousands)

|  | Three Months Ended |  |  | Six Months Ended
|  | 6/30/2025 |  | 3/31/2025 |  | 12/31/2024 |  | 9/30/2024 |  | 6/30/2024 |  |  | 6/30/2025 |  | 6/30/2024
GAAP Net Cash Provided by Operating Activities |  | $143,746 |  | $136,921 |  | $108,237 |  | $176,350 |  | $88,693 |  |  | $280,667 |  | $256,562
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring tenant improvements, leasing commissions and capital expenditures |  | (34,040) |  | (17,378) |  | (33,089) |  | (25,662) |  | (22,069) |  |  | (51,418) |  | (33,832)
Depreciation of non-real estate furniture, fixtures and equipment |  | (1,382) |  | (1,384) |  | (1,585) |  | (1,636) |  | (1,562) |  |  | (2,766) |  | (3,133)
Net changes in operating assets and liabilities (1) |  | 9,245 |  | (2,308) |  | 42,445 |  | (46,785) |  | 55,471 |  |  | 6,937 |  | 33,917
Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD |  | (13,201) |  | (6,490) |  | (6,905) |  | (5,262) |  | (5,634) |  |  | (19,691) |  | (13,187)
Cash adjustments related to investing and financing activities |  | (479) |  | (265) |  | (16) |  | (185) |  | (65) |  |  | (744) |  | (165)
Funds Available for Distribution (2) |  | $103,889 |  | $109,096 |  | $109,087 |  | $96,820 |  | $114,834 |  |  | $212,985 |  | $240,162

________________________
(1)Primarily includes changes in the following assets and liabilities: marketable securities, current receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, rents received
in advance, and tenant security deposits.
(2)Refer to pages 35-37 “Non-GAAP Supplemental Measures” for management statements on the Company’s non-GAAP measures.
This Supplemental Financial Report contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, among other things, information
concerning lease expirations, debt maturities, potential investments,
development and redevelopment activity, projected construction costs,
dispositions, and other forward-looking financial data. In some instances,
forward-looking statements can be identified by the use of forward-looking
terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”,
and variations of such words and similar expressions that do not relate to
historical matters. Forward-looking statements are based on Kilroy Realty
Corporation’s current expectations, beliefs, and assumptions, and are not
guarantees of future performance. Forward-looking statements are
inherently subject to uncertainties, risks, changes in circumstances, trends,
and factors that are difficult to predict, many of which are outside of Kilroy
Realty Corporation’s control. Accordingly, actual performance, results, and
events may vary materially from those indicated or implied in the forward-
looking statements, and you should not rely on the forward-looking
statements as predictions of future performance, results, or events.
Numerous factors could cause actual future performance, results, and
events to differ materially from those indicated in the forward-looking
statements, including, among others: global market and general economic
conditions, including actual and potential tariffs and periods of heightened
inflation, and their effect on our liquidity and financial conditions and those
of our tenants; adverse economic or real estate conditions generally, and
specifically, in the States of California, Texas, and Washington; risks
associated with our investment in real estate assets, which are illiquid, and
with trends in the real estate industry; defaults on or non-renewal of leases
by tenants; any significant downturn in tenants’ businesses, including
bankruptcy, lack of liquidity or lack of funding, and the impact labor
disruptions or strikes, such as episodic strikes in the entertainment
industry, may have on our tenants’ businesses; our ability to re-lease
property at or above current market rates; reduced demand for office
space, including as a result of remote working and flexible working
arrangements that allow work from remote locations other than an
employer's office premises; costs to comply with government regulations,
including environmental remediation; the availability of cash for distribution
and debt service, and exposure to risk of default under debt obligations;
increases in interest rates and our ability to manage interest rate exposure;
changes in interest rates and the availability of financing on attractive
terms or at all, which may adversely impact our future interest expense
and our ability to pursue development, redevelopment, and acquisition
opportunities and refinance existing debt; a decline in real estate asset
valuations, which may limit our ability to dispose of assets at attractive
prices, or obtain or maintain debt financing, and which may result in write-
offs or impairment charges; significant competition, which may decrease
the occupancy and rental rates of properties; potential losses that may not
be covered by insurance; the ability to successfully complete acquisitions
and dispositions on announced terms; the ability to successfully operate
acquired, developed, and Redeveloped properties; the ability to
successfully complete development and Redevelopment projects on
schedule and within budgeted amounts; delays or refusals in obtaining all
necessary zoning, land use, and other required entitlements, governmental
permits and authorizations for our development and Redevelopment
properties; increases in anticipated capital expenditures, tenant
improvement, and/or leasing costs; defaults on leases for land on which
some of our properties are located; adverse changes to, or enactment or
implementations of, tax laws or other applicable laws, regulations, or
legislation, as well as business and consumer reactions to such changes;
risks associated with joint venture investments, including our lack of sole
decision-making authority, our reliance on co-venturers' financial condition,
and disputes between us and our co-venturers; environmental
uncertainties and risks related to natural disasters; risks associated with
climate change and our sustainability strategies, and our ability to achieve
our sustainability goals; and our ability to maintain our status as a REIT.
These factors are not exhaustive and additional factors could adversely
affect our business and financial performance. For a discussion of
additional factors that could materially adversely affect Kilroy Realty
Corporation’s business and financial performance, see the factors included
under the caption “Risk Factors” in Kilroy Realty Corporation’s annual
report on Form 10-K for the year ended December 31, 2024, and its other
filings with the Securities and Exchange Commission. All forward-looking
statements are based on currently available information and speak only as
of the dates on which they are made. Kilroy Realty Corporation assumes
no obligation to update any forward-looking statement made in this
Supplemental Financial Report that becomes untrue because of
subsequent events, new information, or otherwise, except to the extent we
are required to do so in connection with our ongoing requirements under
federal securities laws.
Where Innovation Works