JHVEPhoto Kilroy Realty (NYSE:KRC) has dipped 18% year-to-date as market enthusiasm over a potentially dovish pathway for Fed rate cuts in 2024 has given way to angst from a return of higher for longer. There is a rising probability of zero rate cuts in 2024, an event that would see REIT continue to trade on historically low multiples. KRC generated fiscal 2024 first quarter funds from operations ("FFO") of $1.11 per share, beating consensus and up by 2 cents sequentially with guidance for FFO to come in be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12675 (Kilroy Realty Corporation) Commission File Number: 000-54005 (Kilroy Realty, L.P.) KILROY REALTY CORPORATION KILROY REALTY ...

Q1 2024 Supplemental Financial Report KILROY REALTY CORPORATION REPORTS FIRST QUARTER FINANCIAL RESULTS --------------- Financial Results • Revenues of $278.6 million • Net income available to common stockholders of $0.42 per diluted share • Funds from operations available to common stockholders and unitholders ("FFO") of $133.7 million, or $1.11 per diluted share • Stabilized portfolio was 84.2% occupied and 85.7% leased at March 31, 2024 • Signed approximately 400,000 square feet of leases, inclusive of 1 ...

Portfolio and Occupancy - As of December 31, 2023, the stabilized portfolio included 121 office properties with a total rentable area of 17,044,128 square feet, achieving an occupancy rate of 85.0% and a leased percentage of 86.4%[26] - The stabilized residential properties consist of 3 properties with 1,001 units, achieving an occupancy rate of 92.8%[183] - As of December 31, 2023, approximately 15.0% of the total square footage of the company’s stabilized office properties was unoccupied[91] - 48% of the properties are leased on a triple net basis, 23% on a full service gross basis, and 21% on a modified gross basis[188] - The company’s properties are primarily located in California, with some in Washington and Texas[186] - The company reported a total rentable square footage of 17,044,128 square feet across 121 properties, with an occupancy rate of 85.0%[195] - The property located at 200 W. 6th Street, Austin CBD, Texas, has a rentable area of 758,975 square feet and an occupancy rate of 64.9%[195] - The annualized base rent for the total portfolio is $807,804,000, averaging $56.31 per square foot[195] - The company emphasizes the importance of economic occupancy in its reporting metrics[195] Development and Future Projects - The company added two development projects totaling 829,591 square feet of office space in San Diego and Austin during 2023, with one in-process development project under construction of approximately 875,000 square feet[28] - The future development pipeline consists of eight sites representing approximately 64 gross acres of undeveloped land, with the potential to develop over 6.0 million square feet of various property types[29] - The future development pipeline includes approximately 3.5 million to 4 million developable square feet across various locations, including Greater Los Angeles and San Francisco Bay Area[202] - The company has ongoing in-process development projects totaling 875,000 square feet, with stabilization expected by Q4 2025[198] - The company has two in-process redevelopment projects totaling 100,000 square feet, with stabilization expected by Q2 2025[200] Financial Position and Strategy - The company maintains a strong financial position, allowing it to pursue attractive acquisition and development opportunities, supported by over 75 years of experience in West Coast markets[36] - The financing strategy aims to maintain significant liquidity and a conservative leverage ratio, utilizing multiple sources of capital and managing interest rate exposure primarily on a fixed-rate basis[40] - The company had $520.0 million outstanding under its unsecured term loan facility as of December 31, 2023, with no borrowings under its unsecured revolving credit facility[75] - The company had approximately $5.0 billion in aggregate principal amount of indebtedness as of December 31, 2023, with $929.7 million in principal payments expected during the year ending December 31, 2024[136] - Total debt represented 51.3% of the company's total market capitalization as of December 31, 2023[136] - The company is required to distribute at least 90% of its taxable income to maintain its REIT qualification, which may limit its ability to fund future capital needs from operating cash flows[147] Sustainability and Environmental Initiatives - The company has received high sustainability performance rankings, including the GRESB 5 Star designation and the US EPA ENERGY STAR Partner of the Year Sustained Excellence Award for eight consecutive years[41] - The company aims to build new projects to LEED specifications, pursuing Platinum or Gold certification for all office and life science developments[43] - The company is pursuing LEED Gold certification for approximately 946,000 square feet of office and life science space, focusing on energy efficiency strategies[44] - The company has achieved carbon neutral operations since 2020 and expects to maintain this status for the fourth consecutive year in 2023[45] - The company continues to track and report on its progress toward carbon reduction goals validated by the Science-Based Targets Initiative[45] - The company incorporates green lease language into 100% of new leases, aligning interests on energy, water, and waste efficiency[101] - The company is focusing on sustainability, aiming for a 20% reduction in carbon emissions by 2025[192] Competition and Market Risks - The company faces significant competition, which may decrease occupancy and rental rates of its properties[15] - A downturn in tenants' businesses could reduce the company's revenues and cash flows, impacting overall financial condition[15] - The company may not be able to renew leases or re-lease available space, which could adversely affect financial performance[15] - The company is subject to risks associated with climate change and sustainability strategies, which may affect its operations[15] - The company may face challenges in obtaining necessary materials and skilled labor for construction projects due to economic or political changes[79] Employee and Community Engagement - As of December 31, 2023, the company employed 248 people and emphasizes employee development through various training and education programs[50] - The company has been recognized in Bloomberg's Gender Equality Index for five consecutive years, with 56% of its workforce being female and 42% ethnically diverse[51] - The company expanded its "Week of Service" initiative into a "Month of Service," with over 165 employees dedicating more than 1,000 hours to community service in 2023[54] Revenue and Financial Performance - For the year ended December 31, 2023, approximately 98.9% of the company’s revenues were derived from rental income[88] - The company reported a revenue increase of 7.9% year-over-year, reaching $1,007.7 million[192] - The company reported a revenue increase of 9.0% year-over-year, reaching $1.56 billion[1] - The company reported a revenue of $2.555 billion, representing a 40.1% increase year-over-year[1] - The company reported a revenue increase of 8.2% year-over-year, reaching $1.76 billion in Q3 2023[1] - The company provided a future outlook with a revenue guidance of $1.5 billion for the next quarter, representing a 5.0% increase[3] - New product launches are expected to contribute an additional $250 million in revenue, with a projected growth rate of 7.4%[4] Cybersecurity and Compliance - The company has a Cybersecurity Incident Response Plan that is reviewed annually to ensure preparedness for potential cybersecurity incidents[179] - The Audit Committee oversees the company's cybersecurity risk management program and receives periodic reports from management[175] - The company has not identified any known cybersecurity risks that have materially affected its operations or financial condition[176] - Legislative or regulatory changes could adversely impact the company's ability to qualify as a REIT and its tax treatment[171]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12675 (Kilroy Realty Corporation) Commission File Number: 000-54005 (Kilroy Realty, L.P.) KILROY REALTY CORPORATION KILROY RE ...

Kilroy Realty Corporation (NYSE:KRC) Q2 2023 Earnings Conference Call August 1, 2023 1:00 PM ET Company Participants William Hutcheson - Senior Vice President of Investor Relations and Capital Markets John Kilroy - Chairman and Chief Executive Officer Justin Smart - President Robert Paratte - Executive Vice President and Chief Leasing Officer Eliott Trencher - Executive Vice President, Chief Financial Officer and Chief Investment Officer Conference Call Participants Nicholas Yulico - Scotiabank Steve Sakwa ...

(Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12675 (Kilroy Realty Corporation) Commission File Number: 000-54005 (Kilroy Realty, L.P.) KILROY REALTY CORPORATION KILROY REALTY, ...

Kilroy Realty Corporation (NYSE:KRC) Q1 2023 Earnings Conference Call April 27, 2023 1:00 PM ET Company Participants Bill Hutcheson - SVP, IR and Capital Markets John Kilroy - Chairman and CEO Justin Smart - President Rob Paratte - EVP, Leasing and Business Development Eliott Trencher - CIO and CFO Conference Call Participants Nick Yulico - Scotiabank Georgi Dinkov - Mizuho John Kim - BMO Caitlin Burrows - Goldman Sachs Michael Griffin - Citi Blaine Heck - Wells Fargo Camille Bonnel - Bank of America Tayo O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-12675 (Kilroy Realty Corporation) Commission File Number: 000-54005 (Kilroy Realty, L.P.) KILROY REALTY CORPORATION KILROY REALTY ...

Portfolio and Properties - As of December 31, 2022, the stabilized portfolio included 119 office properties with a total rentable area of 16,194,146 square feet and an occupancy rate of 91.6%[26] - The company added four buildings totaling 1,114,704 square feet to its stabilized portfolio during 2022, located in Seattle and San Diego[27] - The company holds a 99.0% common general partnership interest in its Operating Partnership as of December 31, 2022[30] - The company is strategically positioned to acquire properties and development opportunities in West Coast and Austin markets, focusing on knowledge and creative-based tenants[40] - The company owned all properties, development projects, and redevelopment projects, with the exception of ten stabilized office properties and two future development projects located outside California[179] - The company’s properties are primarily located in California, with additional projects in Washington and Texas, indicating a strategic focus on these markets[179] - The company’s stabilized office properties include a mix of older and newer buildings, with some constructed as recently as 2020[184] - The company’s properties are well maintained and do not require significant capital improvements, reflecting a strong asset management strategy[182] Development and Future Projects - The future development pipeline consists of eight sites representing approximately 64 gross acres of undeveloped land, with the potential to develop over 6.5 million square feet of various property types[36] - The company had one development project in the tenant improvement phase totaling approximately 734,000 square feet and two under construction totaling approximately 946,000 square feet as of December 31, 2022[36] - The company estimates that its eight future development sites provide more than 6.5 million square feet of potential density[134] - Future development pipeline includes significant projects such as Flower Mart in SOMA with 2,300,000 developable square feet and Kilroy Oyster Point Phases 3 and 4 with 875,000 to 1,000,000 square feet[197] Financial Performance and Revenue - The company reported a revenue increase of 8.3% year-over-year, reaching $1,199.3 million[185] - For the year ended December 31, 2022, approximately 99.0% of revenues were derived from rental income[99] - The company reported a total annualized rent of $1,199,995,400, representing a 0.0% change[186] - The annualized rent per square foot for renovated properties was $33.1, reflecting a 7.3% increase[185] - The company reported a revenue of $1.5 billion, representing a 9.5% increase year-over-year[1] - The company provided a future outlook with a revenue guidance of $1.6 billion for the next quarter, representing a 10% increase[3] Sustainability and Environmental Initiatives - The company has been recognized for its sustainability efforts, being a member of the Dow Jones Sustainability World Index since 2017 and receiving the GRESB 5 Star designation in 2022[43] - The company incorporates green lease language into 100% of new leases, promoting energy efficiency and resource conservation[43] - Total energy consumption in 2021 was 242,577 MWh, a like-for-like decrease of 2% from 2020's 257,113 MWh[44] - Total water withdrawn in 2021 was 649,982 m³, reflecting a like-for-like decrease of 2% from 2020's 659,051 m³[45] - The company achieved carbon neutral operations in 2020 and 2021, with expectations to achieve this for a third time in 2022[57] - As of December 31, 2022, 71% of the properties were LEED certified, and 65% of eligible stabilized office properties were ENERGY STAR certified[56] - The company plans to invest $500 million in sustainability initiatives over the next five years[185] Risks and Challenges - Rising inflation rates may increase the company's general and administrative expenses, impacting results of operations and cash flows[88] - The company faces risks associated with potential tenant defaults due to adverse financial conditions in key industries such as technology and life sciences[84] - Increased interest rates could raise the company's financing costs and negatively impact the valuation of its real estate portfolio[89] - The company is subject to governmental regulations that may affect the development and use of its properties, potentially impacting financial performance[80] - The presence of hazardous materials handled by tenants may expose the company to environmental liabilities, despite requiring compliance with environmental laws[75] - The company may incur additional environmental remediation costs, but these cannot be reasonably estimated at this time due to various uncertainties[72] Tenant and Lease Information - The 15 largest tenants represented approximately 46.5% of total annualized base rental revenues as of December 31, 2022[58] - 58% of tenants operated in the technology industry, 18% in life science and health care, and 8% in the media industry as of December 31, 2022[101] - As of December 31, 2022, approximately 91.8% of leases contained effective annual rent escalations of at least 3%[90] - 43% of the company's properties are leased on a triple net basis, 25% on a full service gross basis, 24% on a modified gross basis, and 8% on a modified net basis, as a percentage of annualized base rental revenue[86] Corporate Governance and Management - The company employs 259 people as of December 31, 2022, focusing on diversity and inclusion initiatives[61] - The loss of key personnel, such as the CEO, could adversely affect the company's operations and financial performance[135] - The Chairman and CEO, John Kilroy, beneficially owned approximately 1.3% of the total outstanding shares as of December 31, 2022, indicating substantial influence over the company[150] Debt and Financing - The financing strategy focuses on limiting leverage and maintaining a conservative debt-to-total market capitalization ratio, utilizing multiple sources of capital[41] - The company had approximately $4.3 billion in aggregate principal amount of indebtedness as of December 31, 2022, with total debt representing 48.5% of its total market capitalization[137] - The company has no borrowings under its unsecured revolving credit facility and $200.0 million outstanding under its unsecured term loan facility as of December 31, 2022[89] - A downgrade in credit ratings could adversely affect the company's costs and availability of capital, impacting its financial condition and results of operations[143]