Exhibit 99.1

Kilroy Realty

Supplemental Financial Report

Q3 2025


	Where Innovation Works

KILROY REALTY CORPORATION REPORTS

THIRD QUARTER FINANCIAL RESULTS

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

LOS ANGELES, October 27, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the third quarter

ended September 30, 2025.

“Our third quarter results continued to demonstrate the momentum that is building across every component of our business, with strong new leasing activity

across both the stabilized and development portfolios, and significant, previously announced capital recycling and capital markets activity,” said Angela

Aman, CEO. “With 84,000 square feet now executed at Kilroy Oyster Point Phase 2, we are well positioned to exceed our previously communicated goal of

100,000 square feet of lease executions at the project by year end 2025, as the quality of Kilroy Oyster Point resonates with a growing number of prospects

in the market.”

Financial Results

•Revenues of $279.7 million for the quarter ended September 30, 2025, as compared to $289.9 million for the quarter ended September 30, 2024

•Net income available to common stockholders of $156.2 million, or $1.31 per diluted share, for the quarter ended September 30, 2025, as compared

to $52.4 million, or $0.44 per diluted share, for the quarter ended September 30, 2024

•Funds from operations (“FFO”) of $130.6 million, or $1.08 per diluted share, for the quarter ended September 30, 2025, as compared to $140.4

million, or $1.17 per diluted share, for the quarter ended September 30, 2024

Leasing and Occupancy

•Stabilized Portfolio was 81.0% occupied and 83.3% leased at September 30, 2025, representing 230 basis points of leases signed that have not

commenced

◦Occupancy during the quarter benefited from approximately 200,000 square feet of early rent commencements that were originally projected

to take occupancy in the fourth quarter

•During the quarter, signed approximately 552,000 square feet of leases

◦Leasing activity was comprised of 237,000 square feet of new leasing on previously vacant space and 315,000 square feet of renewal

leasing

▪At Kilroy Oyster Point Phase 2 (“KOP 2”), signed 68,000 square feet of new leases, including the previously announced 24,000

square foot lease with Color, as well as a 44,000 square foot lease with MBC BioLabs. See “Kilroy Oyster Point Phase 2” section

below for additional details

▪Leasing activity during the quarter included 129,000 square feet of short-term leasing, primarily comprised of 119,000 square feet of

short-term renewal leasing

•GAAP rents on leases signed during the quarter increased 5.0% and cash rents decreased 9.6% from prior levels on Second Generation leasing,

excluding short-term leasing

•Subsequent to quarter end, signed a 16,000 square foot lease at KOP 2 with Acadia Pharmaceuticals (“Acadia”). See “Kilroy Oyster Point Phase 2”

section below for additional details


	Where Innovation Works

Kilroy Oyster Point Phase 2

•As highlighted above, signed 68,000 square feet during the third quarter and an additional 16,000 square feet subsequent to quarter end, for a total

of 84,000 square feet of leases signed at KOP 2 to date, positioning the Company to likely exceed its previously communicated goal of 100,000

square feet of lease executions by year-end

◦As noted in the Company’s September press release, signed a lease with Color for its new headquarters as part of the Company’s spec

suite initiative. Color is expected to commence occupancy early in the second quarter of 2026

◦MBC BioLabs, the Bay Area’s leading life science incubator that has helped launch more than 500 companies collectively raising over $20

billion in capital, is expected to commence occupancy in the fourth quarter of 2026

◦Acadia Pharmaceuticals, a biopharmaceutical company committed to advancing therapies for underserved neurological disorders and rare

diseases and an existing tenant in the Company’s San Diego portfolio, is expected to commence occupancy early in the second quarter of

2026

Acquisition & Disposition Activity

•In September, completed the acquisition of Maple Plaza, an approximately 306,000 square foot office property in the Beverly Hills submarket of Los

Angeles, for $205.3 million. The building is 72.3% occupied and 79.3% leased to a diverse mix of tenants across private equity, professional

services, education, and entertainment

•In September, completed the sale of a four-building, approximately 663,000 square foot campus in Silicon Valley for gross sales proceeds of $365.0

million

Redevelopment

•Added 4690 Executive Drive, an approximately 52,000 square foot redevelopment project in the University Towne Center submarket of San Diego,

to the stabilized portfolio. The property is 47% leased

•Added 4400 Bohannon Drive, an approximately 48,000 square foot redevelopment project in the Other Peninsula submarket of the San Francisco

Bay Area, to the stabilized portfolio. The property is 0% leased

Balance Sheet

•In August, completed a public offering of $400.0 million of 5.875% 10-year unsecured senior notes due October 2035

•In September, fully redeemed $400.0 million of 4.375% unsecured senior notes due October 2025

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 October 8, 2025 to stockholders of record on September 30, 2025 (the ex-dividend date)

iii


	Where Innovation Works

Net Income Available to Common Stockholders / FFO Guidance

The Company is updating Nareit-defined FFO per share guidance for the full year 2025 to a range of $4.18 to $4.24 per diluted share, from the previous

range of $4.05 to $4.15 per diluted share.


Key Assumptions	July 2025 Assumptions	October 2025 Assumptions
Same Property Cash Net Operating Income (“NOI”) growth (1)(2)	(1.0%) to (2.0%)	(0.75%) to (1.25%)
Average full year occupancy	80.50% to 81.50%	80.75% to 81.25%
GAAP lease termination fee income	+/- $13 million	+/- $12 million
Non-Cash GAAP NOI adjustments (3)	$4 million to $6 million	$11 million to $12 million
General and administrative and Leasing costs	$83 million to $85 million	$83 million to $85 million
Interest income	+/- $4.5 million	+/- $7 million
Capitalized interest (4)	$81 million to $83 million	$84 million to $85 million
Total development spending	$100 million to $200 million	$150 million to $200 million


	Full Year 2025 Range as of July 2025		Full Year 2025 Range as of October 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	$1.44	$1.54	$2.46	$2.52

Weighted average common shares outstanding - diluted (5)	118,765	118,765	118,820	118,820

Net income available to common stockholders	$170,874	$182,914	$292,510	$299,734
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	2,800	2,800	2,900	2,900
Net income attributable to noncontrolling interests in consolidated property partnerships	23,300	23,300	23,500	23,500
Depreciation and amortization of real estate assets	341,600	341,600	346,000	346,000
Gains on sales of depreciable operating properties	(16,554)	(16,554)	(127,038)	(127,038)
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(34,400)	(34,400)	(34,600)	(34,600)
Funds From Operations (2)	$487,620	$499,660	$503,272	$510,496

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)	$4.05	$4.15	$4.18	$4.24

________________________

(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)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.

(4)Capitalized interest guidance assumes the continued capitalization of the Company’s Flower Mart project through the year-end 2025.

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

(6)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.


	Where Innovation Works

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 third quarter results and the current business environment during the Company’s October 28, 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/LE9zwo3gD9WhaXuZj8Z0xIiTZIzFwtAfoGM. Those interested in listening via

the Internet can access the conference call at https://events.q4inc.com/attendee/894416249. It may be necessary to download audio software to hear the

conference call.

Table of Contents

The Post at Indeed Tower, Austin, TX


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
EBITDA, EBITDAre, and Adjusted EBITDAre	10
Portfolio Data

Stabilized Portfolio Occupancy Overview by Region	12-16
Leases Executed	17
Stabilized Portfolio Capital Expenditures	18
Stabilized Portfolio Lease Expirations	19-20
Top 20 Tenants	21
Tenant Industry Diversification	22
2025 Acquisitions	23
2025 Dispositions and Assets 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

Corporate Data &

Financial Highlights

–Company Background

–Financial Highlights

–Consolidated Balance Sheets

–Consolidated Statements of Operations

–Funds From Operations & Funds Available for Distribution

–Supplemental Income Statement Detail

–Net Operating Income

–Same Property Net Operating Income Analysis (Cash Basis)

–EBITDA, EBITDAre, and Adjusted EBITDAre

Jardine, Los Angeles, CA

Kilroy Realty Q3 2025 Supplemental Report | 2


	Where Innovation Works

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 office and life science properties in the San Francisco

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

Stabilized Office & Life Science Portfolio

at September 30, 2025

121

16.8

buildings

million square feet

81.0%

83.3%

occupied

leased

Residential Portfolio

93.2%

1,001

residential units

average occupancy

during 3Q25


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

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 office and life science properties in the San Francisco

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

Stabilized Office & Life Science Portfolio

at September 30, 2025

121

16.8

buildings

million square feet


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	Joe Dickstein	(212) 778-8771
J.P. Morgan	Anthony Paolone	(212) 622-6682
Keybanc Capital Markets	Upal Rana	(917) 368-2316
Mizuho Securities USA LLC	Vikram Malhotra	(212) 282-3827
RBC Capital Markets	Mike Carroll	(440) 715-2649
Scotiabank	Nicholas Yulico	(212) 225-6904
Wells Fargo	Blaine Heck	(410) 662-2556
Wolfe Research	Ally Yaseen	(646) 582-9253
Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

81.0%

83.3%

occupied

leased

Residential Portfolio

93.2%

1,001

residential units

average occupancy

during 3Q25

Kilroy Realty Q3 2025 Supplemental Report | 3


	Where Innovation Works

Financial Highlights

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


Three Months Ended						Nine Months Ended
	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	9/30/2025	9/30/2024

INCOME ITEMS:
Revenues	$279,744	$289,892	$270,844	$286,379	$289,938	$840,480	$849,250
Lease Termination Fees (1)	309	10,754	506	2,469	1,461	11,569	4,597
Capitalized Interest and Debt Costs	22,574	21,333	20,548	21,312	20,827	64,455	61,149
Capitalized Internal Overhead Costs (2)	4,682	3,807	4,634	4,614	5,472	13,123	16,030
Other Capitalized Development Costs (3)	7,353	5,505	4,974	3,604	3,967	17,832	8,458
Non-Cash Amortization of Share-Based Compensation Awards	5,436	4,582	3,927	4,443	4,576	13,945	13,271
EARNINGS METRICS:
Net Income Available to Common Stockholders	$156,220	$68,449	$39,008	$59,460	$52,378	$263,677	$151,509
Net Operating Income (1)(4)	188,775	190,779	180,239	193,645	195,230	559,793	570,811
EBITDAre (5)	171,561	181,500	161,999	181,421	185,960	515,060	547,023
Company's Share of EBITDAre (5)	164,126	167,914	154,719	173,578	178,475	486,759	523,277
Company's Share of Adjusted EBITDAre (5)	161,007	167,402	153,585	168,788	168,787	481,994	490,315
Funds From Operations (6)	130,561	135,891	122,310	144,875	140,448	388,762	406,758
Funds Available for Distribution (6)	100,939	103,889	109,096	109,087	96,820	313,924	336,982
PER SHARE INFORMATION (7):
Net Income Available to Common Stockholders per common share – diluted	$1.31	$0.57	$0.33	$0.50	$0.44	$2.21	$1.27
Funds From Operations per common share – diluted (6)	1.08	1.13	1.02	1.20	1.17	3.23	3.38
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)	67.5%	65.8%	66.5%	67.6%	67.3%	66.6%	67.2%
Net Debt to Company's Share of EBITDAre Ratio (5)(8)	6.4x	6.6x	6.6x	6.4x	6.4x	N/A	N/A
Net Debt to Company's Share of Adjusted EBITDAre Ratio (5)(8)	6.5x	6.7x	6.9x	6.8x	6.9x	N/A	N/A
Fixed Charge Coverage Ratio - Net Income	3.1x	1.6x	0.9x	1.3x	1.1x	1.9x	1.0x
Fixed Charge Coverage Ratio - Company’s Share of EBITDAre (5)	3.2x	3.4x	3.2x	3.3x	3.3x	3.2x	3.2x
Net Income Payout Ratio	39.7%	81.1%	147.6%	99.0%	111.6%	67.8%	114.6%
FFO / FAD Payout Ratio (6)	49.4% / 63.9%	47.5% / 62.1%	52.7% / 59.1%	44.4% / 59.0%	45.8% / 66.5%	49.8% / 61.6%	47.3% / 57.1%
STABILIZED PORTFOLIO INFORMATION:
Period End Occupancy Percentage	81.0%	80.8%	81.4%	82.8%	84.3%	81.0%	84.3%
Period End Leased Percentage	83.3%	83.5%	83.9%	84.9%	85.8%	83.3%	85.8%
Average Occupancy	80.7%	80.8%	81.4%	83.3%	84.1%	81.0%	84.1%
Lease Composition (Net / Gross) (9)	50% / 50%	51% / 49%	52% / 48%	52% / 48%	51% / 49%	N/A	N/A

________________________

Note: Refer to pages 39-42 “Definitions Included in Supplemental” for definitions of 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 Company’s Share of 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 end of the period. Excludes leases at the Company’s three residential properties.

Kilroy Realty Q3 2025 Supplemental Report | 4


	Where Innovation Works

Consolidated Balance Sheets

(unaudited, $ in thousands)


	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024

ASSETS:
Land and improvements	$1,661,679	$1,627,754	$1,750,820	$1,750,820	$1,750,820
Buildings and improvements	8,658,236	8,427,405	8,617,728	8,598,751	8,573,332
Undeveloped land and construction in progress	2,355,181	2,364,938	2,356,330	2,309,624	2,254,628
Total real estate assets held for investment	12,675,096	12,420,097	12,724,878	12,659,195	12,578,780
Accumulated depreciation and amortization	(2,952,576)	(2,877,165)	(2,900,113)	(2,824,616)	(2,747,494)
Total real estate assets held for investment, net	9,722,520	9,542,932	9,824,765	9,834,579	9,831,286
Real estate and other assets held for sale, net	—	255,795	—	—	—
Cash and cash equivalents	372,416	193,129	146,711	165,690	625,395
Marketable securities	33,569	31,629	29,187	27,965	27,144
Current receivables, net	13,191	11,718	11,680	11,033	11,218
Deferred rent receivables, net	436,886	436,964	447,433	451,996	455,613
Deferred leasing costs and acquisition-related intangible assets, net	229,175	208,266	220,051	225,937	226,991
Right of use ground lease assets	128,396	128,674	128,949	129,222	129,492
Prepaid expenses and other assets, net	56,046	58,725	69,909	51,935	73,495
Total Assets	$10,992,199	$10,867,832	$10,878,685	$10,898,357	$11,380,634

LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net	$593,956	$595,212	$596,806	$598,199	$599,478
Unsecured debt, net	3,995,555	4,002,507	4,001,036	3,999,566	4,401,678
Accounts payable, accrued expenses, and other liabilities	321,188	273,600	292,354	285,011	354,785
Ground lease liabilities	127,830	128,030	128,227	128,422	128,606
Accrued dividends and distributions	64,996	64,985	64,990	64,850	64,844
Deferred revenue and acquisition-related intangible liabilities, net	127,931	131,606	137,538	142,437	151,670
Rents received in advance and tenant security deposits	74,888	73,561	77,749	71,003	71,033
Liabilities related to real estate assets held for sale	—	4,887	—	—	—
Total liabilities	5,306,344	5,274,388	5,298,700	5,289,488	5,772,094
Equity:
Stockholders’ Equity
Common stock	1,183	1,183	1,183	1,181	1,181
Additional paid-in capital	5,223,369	5,216,320	5,210,415	5,209,653	5,203,195
Retained earnings	240,810	148,952	144,867	171,212	175,962
Total stockholders’ equity	5,465,362	5,366,455	5,356,465	5,382,046	5,380,338
Noncontrolling Interests
Common units of the Operating Partnership	53,154	52,192	52,105	52,472	52,441
Noncontrolling interests in consolidated property partnerships	167,339	174,797	171,415	174,351	175,761
Total noncontrolling interests	220,493	226,989	223,520	226,823	228,202
Total equity	5,685,855	5,593,444	5,579,985	5,608,869	5,608,540
Total Liabilities And Equity	$10,992,199	$10,867,832	$10,878,685	$10,898,357	$11,380,634

Kilroy Realty Q3 2025 Supplemental Report | 5


	Where Innovation Works

Consolidated Statements of Operations

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


Three Months Ended						Nine Months Ended
	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	9/30/2025	9/30/2024
Revenues
Rental income	$274,909	$285,071	$266,244	$281,355	$285,951	$826,224	$836,760
Other property income	4,835	4,821	4,600	5,024	3,987	14,256	12,490
Total revenues	279,744	289,892	270,844	286,379	289,938	840,480	849,250
Expenses
Property expenses	61,764	58,575	58,714	63,249	63,593	179,053	180,192
Real estate taxes	25,878	26,765	28,365	24,026	26,677	81,008	84,925
Ground leases	3,018	3,019	3,020	2,990	2,977	9,057	8,725
General and administrative expenses	18,247	18,475	16,901	16,977	17,981	53,623	54,097
Leasing costs	2,610	2,277	2,873	2,013	2,353	7,760	6,751
Depreciation and amortization	87,487	87,625	87,119	89,121	91,879	262,231	267,061
Total expenses	199,004	196,736	196,992	198,376	205,460	592,732	601,751
Other Income (Expenses)
Interest income	3,119	512	1,134	4,790	9,688	4,765	32,962
Interest expense	(32,152)	(30,844)	(31,148)	(33,245)	(36,408)	(94,144)	(112,042)
Other income (expense) (1)	91	190	(157)	(493)	(85)	124	(499)
Gains on sales of depreciable operating properties	110,484	16,554	—	—	—	127,038	—
Gain on sale of long-lived assets (2)	—	—	—	5,979	—	—	—
Total other expenses	81,542	(13,588)	(30,171)	(22,969)	(26,805)	37,783	(79,579)
Net Income	162,282	79,568	43,681	65,034	57,673	285,531	167,920
Net income attributable to noncontrolling common units of the Operating Partnership	(1,524)	(663)	(375)	(593)	(509)	(2,562)	(1,469)
Net income attributable to noncontrolling interests in consolidated property partnerships	(4,538)	(10,456)	(4,298)	(4,981)	(4,786)	(19,292)	(14,942)
Total income attributable to noncontrolling interests	(6,062)	(11,119)	(4,673)	(5,574)	(5,295)	(21,854)	(16,411)
Net Income Available To Common Stockholders	$156,220	$68,449	$39,008	$59,460	$52,378	$263,677	$151,509
Weighted average common shares outstanding – basic	118,296	118,285	118,195	118,047	117,830	118,259	117,516
Weighted average common shares outstanding – diluted	118,822	118,683	118,664	118,759	118,244	118,724	117,955
Net Income Available To Common Stockholders Per Share
Net income available to common stockholders per share – basic	$1.32	$0.58	$0.33	$0.50	$0.44	$2.22	$1.27
Net income available to common stockholders per share – diluted	$1.31	$0.57	$0.33	$0.50	$0.44	$2.21	$1.27

________________________

(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 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.

(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 Q3 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						Nine Months Ended
	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	9/30/2025	9/30/2024

FUNDS FROM OPERATIONS:
Net income available to common stockholders	$156,220	$68,449	$39,008	$59,460	$52,378	$263,677	$151,509
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	1,524	663	375	593	509	2,562	1,469
Net income attributable to noncontrolling interests in consolidated property partnerships	4,538	10,456	4,298	4,981	4,786	19,292	14,942
Depreciation and amortization of real estate assets	86,080	86,243	85,735	87,536	90,243	258,058	262,292
Gains on sales of depreciable operating properties	(110,484)	(16,554)	—	—	—	(127,038)	—
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(7,317)	(13,366)	(7,106)	(7,695)	(7,468)	(27,789)	(23,454)
Funds From Operations	$130,561	$135,891	$122,310	$144,875	$140,448	$388,762	$406,758
Weighted average common shares/units outstanding – basic (2)	119,870	119,848	119,750	119,521	119,702	119,823	119,798
Weighted average common shares/units outstanding – diluted (2)	120,397	120,246	120,220	120,234	120,115	120,288	120,237
FFO per common share/unit – basic	$1.09	$1.13	$1.02	$1.21	$1.17	$3.24	$3.40
FFO per common share/unit – diluted	$1.08	$1.13	$1.02	$1.20	$1.17	$3.23	$3.38

FUNDS AVAILABLE FOR DISTRIBUTION:
Funds From Operations	$130,561	$135,891	$122,310	$144,875	$140,448	$388,762	$406,758
Adjustments:
Recurring tenant improvements, leasing commissions, and capital expenditures	(36,959)	(34,040)	(17,378)	(33,089)	(25,662)	(88,377)	(59,494)
Amortization of deferred revenue related to tenant-funded tenant improvements	(3,639)	(3,770)	(3,688)	(4,065)	(4,213)	(11,097)	(15,073)
Straight-line rents, net	1,303	3,354	4,613	3,667	2,615	9,270	5,517
Amortization of net below market rents	(764)	(845)	(846)	(846)	(885)	(2,455)	(2,675)
Amortization of deferred financing costs and net debt discount/premium	1,218	1,178	1,219	1,650	1,926	3,615	5,243
Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (3)	5,436	4,582	3,927	4,443	(12,389)	13,945	(3,119)
Lease related adjustments and other (4)	1,877	(2,626)	(1,677)	(2,359)	(7,226)	(2,426)	(5,180)
Gain on sale of long-lived assets (5)	—	—	—	(5,979)	—	—	—
Adjustments attributable to noncontrolling interests in consolidated property partnerships	1,906	165	616	790	2,206	2,687	5,005
Funds Available for Distribution	$100,939	$103,889	$109,096	$109,087	$96,820	$313,924	$336,982

________________________

(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 million 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 Q3 2025 Supplemental Report | 7


	Where Innovation Works

Supplemental Income Statement Detail

(unaudited, $ in thousands)


			Three Months Ended					Nine Months Ended
			9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	9/30/2025	9/30/2024
	Revenues	Income Statement Category
*	Base rent	Rental income	$201,633	$201,955	$202,640	$204,705	$204,030	$606,228	$606,441
*	Tenant reimbursements	Rental income	51,867	48,035	46,313	47,621	51,846	146,215	149,577
*	Other revenues (1)	Rental income	16,656	19,967	15,630	18,707	17,314	52,253	49,026
	Deferred income and lease incentives, net (2)	Rental income	707	771	834	1,757	3,958	2,312	8,175
	Amortization of deferred revenue related to tenant-funded tenant improvements	Rental income	3,639	3,770	3,688	4,065	4,213	11,097	15,073
	Straight-line rents, net	Rental income	(1,303)	(3,354)	(4,613)	(3,667)	(2,615)	(9,270)	(5,517)
	Amortization of net below market rents	Rental income	764	845	846	846	885	2,455	2,675
*	Settlement and restoration fee income	Rental income	2,663	639	63	6,709	3,002	3,365	4,856
	Deferred settlement and restoration fee income	Rental income	(2,026)	1,689	337	(1,857)	1,857	—	1,857
	Cash lease termination fee income	Rental income	867	10,588	—	10	50	11,455	6,366
	Deferred lease termination fee income	Rental income	(558)	166	506	2,459	1,411	114	(1,769)
*	Other property income (3)	Other property income	4,835	4,821	4,600	5,024	3,987	14,256	12,490
	Total Revenues		$279,744	$289,892	$270,844	$286,379	$289,938	$840,480	$849,250

________________________

•Represents a component of Cash Net Operating Income.

(1)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.

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

(3)Primarily comprised of transient parking income.

Kilroy Realty Q3 2025 Supplemental Report | 8


	Where Innovation Works

Net Operating Income (1)

(unaudited, $ in thousands)


	Three Months Ended					Nine Months Ended
	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	9/30/2025	9/30/2024
Cash Operating Revenues:
Base rent	$201,633	$201,955	$202,640	$204,705	$204,030	$606,228	$606,441
Tenant reimbursements	51,867	48,035	46,313	47,621	51,846	146,215	149,577
Other revenues (2)	16,656	19,967	15,630	18,707	17,314	52,253	49,026
Settlement and restoration fee income	2,663	639	63	6,709	3,002	3,365	4,856
Other property income (3)	4,835	4,821	4,600	5,024	3,987	14,256	12,490
Total cash operating revenues	277,654	275,417	269,246	282,766	280,179	822,317	822,390
Cash Operating Expenses:
Property expenses	61,764	58,575	58,714	63,245	63,579	179,053	180,133
Real estate taxes	25,878	26,765	28,365	24,026	26,677	81,008	84,925
Ground leases	2,940	2,941	2,942	2,902	2,891	8,823	8,459
Total cash operating expenses	90,582	88,281	90,021	90,173	93,147	268,884	273,517
Cash Net Operating Income (4)	187,072	187,136	179,225	192,593	187,032	553,433	548,873
Deferred income and lease incentives, net (5)	707	771	834	1,757	3,958	2,312	8,175
Amortization of deferred revenue related to tenant-funded tenant improvements	3,639	3,770	3,688	4,065	4,213	11,097	15,073
Straight-line rents, net	(1,303)	(3,354)	(4,613)	(3,667)	(2,615)	(9,270)	(5,517)
Amortization of net below market rents	764	845	846	846	885	2,455	2,675
Deferred settlement and restoration fee income	(2,026)	1,689	337	(1,857)	1,857	—	1,857
Other (6)	(78)	(78)	(78)	(92)	(100)	(234)	(325)
Net Operating Income (4)	188,775	190,779	180,239	193,645	195,230	559,793	570,811
Lease termination fees (1)	309	10,754	506	2,469	1,461	11,569	4,597
General and administrative expenses	(18,247)	(18,475)	(16,901)	(16,977)	(17,981)	(53,623)	(54,097)
Leasing costs	(2,610)	(2,277)	(2,873)	(2,013)	(2,353)	(7,760)	(6,751)
Other income (expense) (7)	91	190	(157)	(493)	(85)	124	(499)
Interest income	3,119	512	1,134	4,790	9,688	4,765	32,962
Interest expense	(32,152)	(30,844)	(31,148)	(33,245)	(36,408)	(94,144)	(112,042)
Depreciation and amortization	(87,487)	(87,625)	(87,119)	(89,121)	(91,879)	(262,231)	(267,061)
Gains on sales of depreciable operating properties	110,484	16,554	—	—	—	127,038	—
Gain on sale of long-lived assets	—	—	—	5,979	—	—	—
Net Income	$162,282	$79,568	$43,681	$65,034	$57,673	$285,531	$167,920

________________________

(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 have been conformed to the Company’s new definition.

(2)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.

(3)Primarily comprised 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 matters, 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

been revised to conform with the current period presentation.

Kilroy Realty Q3 2025 Supplemental Report | 9


	Where Innovation Works

Same Property Net Operating Income Analysis (Cash Basis)(1)

(unaudited, $ in thousands)



	Three Months Ended September 30,			Nine Months Ended September 30,
	2025	2024	% Contribution	2025	2024	% Contribution

Total Same Property Portfolio
Number of properties	116			116
Square Feet	16,301,182			16,301,182
Average Occupancy (2)	80.9%	83.3%		80.8%	83.4%
Percent of Stabilized Portfolio (3)	97.0%			97.0%
Percent of Total Portfolio (3)	97.0%			97.0%

Cash Operating Revenues:
Base rent	$191,461	$193,835	(1.3)%	$575,305	$576,175	(0.2)%
Tenant reimbursements	50,151	49,764	0.2%	140,645	143,203	(0.5)%
Other revenues (4)	16,933	17,530	(0.3)%	52,611	49,522	0.6%
Settlement and restoration fee income	2,663	3,002	(0.2)%	3,365	4,145	(0.1)%
Other property income (5)	4,597	3,825	0.3%	13,394	12,075	0.3%
Total cash operating revenues	265,805	267,956	(1.3)%	785,320	785,120	0.1%
Cash Operating Expenses:
Property expenses	59,993	62,273	1.3%	173,638	175,918	0.5%
Real estate taxes	23,788	24,799	0.6%	74,663	79,612	0.9%
Ground leases	2,940	2,891	0.0%	8,823	8,459	(0.1)%
Total cash operating expenses	86,721	89,963	1.9%	257,124	263,989	1.3%
Cash Net Operating Income (6)(7)(8)	$179,084	$177,993	0.6%	$528,196	$521,131	1.4%

________________________

(1)Same Property Portfolio is defined 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 September 30, 2025. Same Property

Portfolio includes 100% of consolidated property partnerships as well as the Company’s three residential properties. 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 footage at the end of the period.

(4)Primarily comprised of residential income, contractual parking income, and revenues deemed uncollectible.

(5)Primarily comprised 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 with 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 Q3 2025 Supplemental Report | 10


	Where Innovation Works

EBITDA, EBITDAre, and Adjusted EBITDAre (1)

(unaudited, $ in thousands)



	Three Months Ended
	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024
Net Income Available to Common Stockholders	$156,220	$68,449	$39,008	$59,460	$52,378
Interest expense	32,152	30,844	31,148	33,245	36,408
Depreciation and amortization	87,487	87,625	87,119	89,121	91,879
Taxes (2)	124	17	51	—	—
EBITDA	275,983	186,935	157,326	181,826	180,665
Net income attributable to noncontrolling common units of the Operating Partnership	1,524	663	375	593	509
Net income attributable to noncontrolling interests in consolidated property partnerships	4,538	10,456	4,298	4,981	4,786
Gains on sales of depreciable operating properties	(110,484)	(16,554)	—	—	—
Gain on sales of long-lived assets	—	—	—	(5,979)	—
EBITDAre	171,561	181,500	161,999	181,421	185,960
EBITDAre attributable to noncontrolling interests in consolidated property partnerships	(7,435)	(13,586)	(7,280)	(7,843)	(7,485)
Company's share of EBITDAre	164,126	167,914	154,719	173,578	178,475
Interest income	(3,119)	(512)	(1,134)

KILROY REALTY CORP 8-K