8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): May 2, 2024

KILROY REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	001-12675	95-4598246
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

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

(Address of principal executive offices) (Zip Code)

(310) 481-8400

(Registrant's telephone number, including area code)

N/A

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

Securities registered pursuant to Section 12(b) of the Act:
Registrant	Title of each class	Name of each exchange on which registered	Ticker Symbol
Kilroy Realty Corporation	Common Stock, $.01 par value	New York Stock Exchange	KRC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On May 2, 2024, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended March 31, 2024 and distributed certain supplemental financial information. On May 2, 2024, Kilroy Realty Corporation also posted the supplemental information on its website located at www.kilroyrealty.com. The text of the supplemental information and the related press release are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01    Regulation FD Disclosure.

As discussed in Item 2.02 above, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended March 31, 2024 and distributed certain supplemental information. On May 2, 2024, Kilroy Realty Corporation also posted the supplemental information on its website located at www.kilroyrealty.com.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(a)	Financial statements of businesses acquired: None.
(b)	Pro forma financial information: None.
(c)	Shell company transactions: None.
(d)	Exhibits:

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

Exhibit No.	Description
99.1*	Supplemental Operating and Financial Data for the quarter ended March 31, 2024
99.2*	Press Release dated May 2, 2024 regarding first quarter 2024 earnings
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

_______________

*    Furnished herewith.

SIGNATURES

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

	Kilroy Realty Corporation
Date: May 2, 2024
	By:	/s/ Merryl E. Werber
		Merryl E. Werber Senior Vice President, Chief Accounting Officer and Controller

EX-99.1

Q1 2024 Supplemental Financial Report

KILROY REALTY CORPORATION REPORTS

FIRST QUARTER FINANCIAL RESULTS

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

LOS ANGELES, May 2, 2024 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its first quarter ended March 31, 2024.

First Quarter Highlights

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

Leasing and Occupancy

•Stabilized portfolio was 84.2% occupied and 85.7% leased at March 31, 2024

•Signed approximately 400,000 square feet of leases, inclusive of 116,000 square feet of short-term leases, comprised of 161,000 square feet of new leasing on previously vacant space, 79,000 square feet of new leasing on currently occupied space, and 160,000 square feet of renewal leasing

◦GAAP rents increased 8.6% and cash rents decreased 2.9% from prior levels on stabilized leasing, excluding short-term leasing

Balance Sheet / Liquidity

•In January, completed a public offering of $400.0 million of 12-year unsecured senior notes at an interest rate of 6.250% due January 2036

•In March, closed on the recast of the Company’s $1.1 billion unsecured revolving credit facility, which now matures July 31, 2028, before extension options

•In connection with the recast of the unsecured revolving credit facility, paid down the existing $520.0 million unsecured term loan facility by $200.0 million and extended the final maturity on an aggregate principal amount of $200.0 million of the remaining $320.0 million by twelve months to October 3, 2027, inclusive of exercising two one-year extension options

•As of March 31, 2024, the Company had approximately $2.0 billion of total liquidity comprised of approximately $0.9 billion of cash and short-term investments and approximately $1.1 billion available under the unsecured revolving credit facility

•In March, established a new $500.0 million “at-the-market” stock offering program

•In March, the Company’s Board of Directors (the “Board”) approved a $500.0 million share repurchase program

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

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Q1 2024 Supplemental Financial Report

Net Income Available to Common Stockholders / FFO Guidance and Outlook

The Company is providing an updated Nareit-defined FFO per diluted share guidance for the full year 2024 of $4.15 to $4.30 per share, with a midpoint of $4.23 per share.

	Full Year 2024 Range as of February 2024				Full Year 2024 Range as of May 2024
	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	$	1.45	$	1.61	$	1.46	$	1.61
Weighted average common shares outstanding - diluted (1)	118,000		118,000		118,000		118,000
Net income available to common stockholders	$	171,000	$	190,000	$	172,500	$	190,000
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	1,900		2,000		1,900		2,000
Net income attributable to noncontrolling interests in consolidated property partnerships	20,500		21,000		20,500		21,000
Depreciation and amortization of real estate assets	330,000		330,000		335,000		336,000
Gains on sales of depreciable real estate	—		—		—		—
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(30,000)		(32,000)		(31,000)		(32,000)
Funds From Operations (2)	$	493,400	$	511,000	$	498,900	$	517,000
Weighted average common shares/units outstanding – diluted (3)	120,250		120,250		120,250		120,250
Funds From Operations per common share/unit – diluted (3)	$	4.10	$	4.25	$	4.15	$	4.30

Key Assumptions	February 2024 Assumptions	May 2024 Assumptions
Change in same store cash NOI (2)	(4.0%) to (6.0%)	(3.5%) to (5.5%)
Average full year occupancy	82.5% to 84.0%	82.5% to 84.0%
General and administrative expenses	$72 million to $80 million	$72 million to $80 million
Total development spending (4)	$200 million to $300 million	$200 million to $300 million
Weighted average common shares/units outstanding – diluted (in thousands) (3)	120,250	120,250

 ________________________

(1)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards.

(2)See pages 32-33 for Management Statements on Funds From Operations and Same Store Cash Net Operating Income.

(3)Calculated based on 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.

(4)Remaining 2024 development spending is $150 million to $250 million.

The Company’s guidance estimates for the full year 2024, 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

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Q1 2024 Supplemental Financial Report

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 first quarter results and the current business environment during the Company’s May 3, 2024 earnings conference call. The call will begin at 9:00 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=7488a962&confId=58187. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/123531322. It may be necessary to download audio software to hear the conference call. A replay of the conference call will be available via telephone on May 3, 2024 through May 10, 2024by dialing (866) 813-9403 and entering passcode 591632. International callers should dial (929) 458-6194 and enter the same passcode. The replay will also be available on our website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx.

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Q1 2024 Supplemental Financial Report

Table of Contents

	Page
Corporate Data and Financial Highlights
Company Background	2
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Operations	5
Funds From Operations and Funds Available for Distribution	6
Net Operating Income	7
Portfolio Data
Same Store Analysis	9
Stabilized Portfolio Occupancy Overview by Region	10-14
Information on Leases Commenced & Leases Executed	15-16
Stabilized Portfolio Capital Expenditures	17
Stabilized Portfolio Lease Expirations	18-19
Top 20 Tenants	20
Tenant Industry Diversification	21
Consolidated Ventures (Noncontrolling Property Partnerships)	22
Development
In-Process Development & Redevelopment	24
Future Development Pipeline	25
Debt and Capitalization Data
Capital Structure	27
Debt Analysis	28-29
Non-GAAP Supplemental Measures	31-33
Definitions & Reconciliations	35-41

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 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, 2023, 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.

Pictured on cover page, in order of appearance: Aero, Long Beach, CA | 2100 Kettner, San Diego, CA | Westside Media Center, Los Angeles, CA

01

Corporate Data and Financial Highlights

–Company Background

–Financial Highlights

–Consolidated Balance Sheets

–Consolidated Statements of Operations

–Funds From Operations and Funds Available for Distribution

–Net Operating Income

Q1 2024 Supplemental Financial Report

Company Background

Kilroy Realty Corporation (NYSE: KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. The Company has over seven decades of experience developing, acquiring and managing office, life science, and mixed-use real estate assets. At March 31, 2024, the Company’s stabilized portfolio comprised of 121 buildings encompassing an aggregate of approximately 17.0 million square feet of primarily office and life science space that was 84.2% occupied and 85.7% leased. The Company also has 1,001 residential units in the Los Angeles and San Diego regions, which had an average occupancy of 93.1% for the quarter ended March 31, 2024. 

Board of Directors		Executive and Senior Management Team		Investor Relations
John Kilroy	Chair	Angela M. Aman	Chief Executive Officer	12200 W. Olympic Blvd., Suite 200 Los Angeles, CA 90064 (310) 481-8400 Web: www.kilroyrealty.com E-mail: investorrelations@kilroyrealty.com
Edward F. Brennan, PhD	Lead Independent	Justin W. Smart	President
Angela M. Aman		Eliott Trencher	EVP, Chief Financial Officer and Chief Investment Officer
Jolie Hunt
Scott S. Ingraham		Robert Paratte	EVP, Chief Leasing Officer
Louisa G. Ritter		Heidi R. Roth	EVP, Chief Administrative Officer	Bill Hutcheson
Gary R. Stevenson		John Osmond	EVP, Head of Asset Management	SVP, Investor Relations & Capital Markets
Peter B. Stoneberg		Merryl Werber	SVP, Chief Accounting Officer and Controller

Equity Research Coverage
Barclays		Jefferies LLC
Brendan Lynch	(212) 526-9428	Peter Abramowitz	(212) 336-7241
BofA Securities		J.P. Morgan
Camille Bonnel	(646) 855-5042	Anthony Paolone	(212) 622-6682
BMO Capital Markets Corp.		Keybanc Capital Markets
John P. Kim	(212) 885-4115	Upal Rana	(917) 368-2316
BTIG		Mizuho Securities USA LLC
Thomas Catherwood	(212) 738-6140	Vikram Malhotra	(212) 282-3827
Citigroup Investment Research		RBC Capital Markets
Michael Griffin	(212) 816-5871	Mike Carroll	(440) 715-2649
Deutsche Bank Securities, Inc.		Scotiabank
Omotayo Okusanya	(212) 250-9284	Nicholas Yulico	(212) 225-6904
Evercore ISI		Wells Fargo
Steve Sakwa	(212) 446-9462	Blaine Heck	(443) 263-6529
Goldman Sachs & Co. LLC		Wolfe Research
Caitlin Burrows	(212) 902-4736	Andrew Rosivach	(646) 582-9250
Green Street Advisors
Dylan Burzinski	(949) 640-8780

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.

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Q1 2024 Supplemental Financial Report

Financial Highlights

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

	Three Months Ended
	3/31/2024			12/31/2023			9/30/2023			6/30/2023			3/31/2023
INCOME ITEMS:
Revenues	$	278,581		$	269,016		$	283,594		$	284,282		$	292,802
Capitalized Interest and Debt Costs	19,807			21,510			20,056			19,470			17,731
Cash Lease Termination Fees (1)	3,851			3,437			1,682			225			—
EARNINGS METRICS:
Net Income Available to Common Stockholders	$	49,920		$	47,284		$	52,762		$	55,587		$	56,608
Net Operating Income (2)	189,270			184,725			193,396			198,584			208,425
EBITDA, as adjusted (3)	182,602			171,387			173,798			178,020			184,577
Company's Share of EBITDA, as adjusted (3)	173,942			163,059			165,408			169,858			173,018
Company's Share of EBITDA, as adjusted less interest income (3)	160,752			152,363			158,393			166,437			171,558
Funds From Operations (4)	133,723			129,257			134,047			141,853			145,959
Funds Available for Distribution (4)	125,328			109,528			118,698			119,546			132,533
PER SHARE INFORMATION (5):
Net Income Available to Common Stockholders per common share – diluted	$	0.42		$	0.40		$	0.45		$	0.47		$	0.48
Funds From Operations per common share – diluted (4)	1.11			1.08			1.12			1.19			1.22
Dividends declared per common share	0.54			0.54			0.54			0.54			0.54
RATIOS (6):
Net Operating Income Margin (2)	67.9		%	68.7		%	68.2		%	69.9		%	71.2		%
Net Debt to Company's Share of EBITDA, as adjusted Ratio (3)(7)	6.3x			6.2x			6.1x			6.1x			6.0x
Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio (3)(7)	6.6x			6.5x			6.2x			6.2x			6.1x
Fixed Charge Coverage Ratio - Net Income	1.0x			1.0x			1.2x			1.4x			1.6x
Fixed Charge Coverage Ratio - EBITDA, as adjusted (3)	3.3x			3.4x			3.7x			4.1x			4.6x
Net Income Payout Ratio	114.9		%	120.5		%	108.8		%	104.3		%	97.9		%
FFO / FAD Payout Ratio (4)	47.9 % / 51.1%			49.5% / 58.4%			47.7% / 53.9%			45.0% / 53.4%			43.8% / 48.2%
STABILIZED PORTFOLIO INFORMATION:
Change in Same Store Net Operating Income (8)	(9.4)		%	(10.6)		%	(5.0)		%	(2.3)		%	3.6		%
Change in Same Store Cash Net Operating Income (8)	(7.2)		%	(1.2)		%	0.2		%	2.7		%	16.3		%
Period End Occupancy Percentage	84.2		%	85.0		%	86.2		%	86.6		%	89.6		%
Period End Leased Percentage	85.7		%	86.4		%	87.5		%	88.6		%	91.6		%
Lease Composition (Net / Gross) (9)	51% / 49%			51% / 49%			49% / 51%			49% / 51%			48% / 52%

________________________

Note: Definitions for commonly used terms in this Supplemental Financial Report are on pages 35-37 “Definitions Included in Supplemental.” Refer to pages 31-33 for Management Statements on non-GAAP supplemental measures.        

(1)Represents cash receipts of lease termination fees in the period they are received, which may not correspond to the timing of GAAP revenue recognition of the lease termination fee over the remaining term of the lease.

(2)Please refer to page 38 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.

(3)Please refer to page 40 for a reconciliation of GAAP Net Income Available to Common Stockholders to the Company's EBITDA metrics.

(4)Please refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations available to common stockholders and unitholders and Funds Available for Distribution to common stockholders and unitholders, and page 41 for a reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution to common stockholders and unitholders.

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

(6)Ratios are calculated based on current quarter annualized amounts unless otherwise noted.

(7)Calculated on a trailing-12 month basis. Please refer to page 29 for the calculation of this ratio.

(8)Calculated as the change over the same prior year period. The Same Store Portfolio was comprised of 119 properties during the three months ended March 31, 2024. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 115 properties.

(9)Based upon annualized base rent, including 100% of consolidated property partnerships, as of the period end. Excludes leases at our three residential properties.

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Q1 2024 Supplemental Financial Report

Consolidated Balance Sheets

(unaudited, $ in thousands)

	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
ASSETS:
Land and improvements	$	1,743,170	$	1,743,170	$	1,743,170	$	1,738,242	$	1,738,242
Buildings and improvements	8,479,359		8,463,674		8,431,499		8,353,596		8,335,285
Undeveloped land and construction in progress	2,114,242		2,034,804		1,950,424		1,894,545		1,788,542
Total real estate assets held for investment	12,336,771		12,241,648		12,125,093		11,986,383		11,862,069
Accumulated depreciation and amortization	(2,594,996)		(2,518,304)		(2,443,659)		(2,369,515)		(2,294,202)
Total real estate assets held for investment, net	9,741,775		9,723,344		9,681,434		9,616,868		9,567,867
Cash and cash equivalents	855,007		510,163		618,794		361,885		476,358
Marketable securities	109,513		284,670		278,789		25,786		23,288
Current receivables, net	13,291		13,609		11,383		10,686		15,926
Deferred rent receivables, net	457,494		460,979		466,073		463,640		457,870
Deferred leasing costs and acquisition-related intangible assets, net	226,506		229,705		228,742		230,559		238,184
Right of use ground lease assets	130,026		125,506		125,765		126,022		126,277
Prepaid expenses and other assets, net	65,588		53,069		60,141		75,588		63,622
TOTAL ASSETS	$	11,599,200	$	11,401,045	$	11,471,121	$	10,911,034	$	10,969,392
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net	$	601,990	$	603,225	$	604,480	$	240,142	$	241,547
Unsecured debt, net	4,518,297		4,325,153		4,330,326		4,172,833		4,171,029
Accounts payable, accrued expenses and other liabilities	401,892		371,179		426,662		377,733		418,902
Ground lease liabilities	128,966		124,353		124,517		124,678		124,837
Accrued dividends and distributions	65,111		64,440		64,423		64,438		64,461
Deferred revenue and acquisition-related intangible liabilities, net	166,436		173,638		178,542		185,429		195,629
Rents received in advance and tenant security deposits	73,777		79,364		74,646		78,187		80,565
Total liabilities	5,956,469		5,741,352		5,803,596		5,243,440		5,296,970
Equity:
Stockholders’ Equity
Common stock	1,174		1,173		1,173		1,172		1,171
Additional paid-in capital	5,208,753		5,205,839		5,195,106		5,184,227		5,175,402
Retained earnings	203,080		221,149		237,665		248,695		257,079
Total stockholders’ equity	5,413,007		5,428,161		5,433,944		5,434,094		5,433,652
Noncontrolling Interests
Common units of the Operating Partnership	53,087		53,275		53,328		53,358		53,386
Noncontrolling interests in consolidated property partnerships	176,637		178,257		180,253		180,142		185,384
Total noncontrolling interests	229,724		231,532		233,581		233,500		238,770
Total equity	5,642,731		5,659,693		5,667,525		5,667,594		5,672,422
TOTAL LIABILITIES AND EQUITY	$	11,599,200	$	11,401,045	$	11,471,121	$	10,911,034	$	10,969,392

4

Q1 2024 Supplemental Financial Report

Consolidated Statements of Operations

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

	Three Months Ended
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
REVENUES
Rental income	$	274,890	$	265,643	$	280,681	$	281,309	$	290,104
Other property income	3,691		3,373		2,913		2,973		2,698
Total revenues	278,581		269,016		283,594		284,282		292,802
EXPENSES
Property expenses	57,320		60,731		59,445		55,008		53,780
Real estate taxes	29,239		21,000		28,363		28,277		28,228
Ground leases	2,752		2,560		2,390		2,413		2,369
General and administrative expenses (1)	17,579		22,078		24,761		22,659		23,936
Leasing costs	2,279		1,956		1,852		1,326		1,372
Depreciation and amortization	88,031		86,016		85,224		90,362		93,676
Total expenses	197,200		194,341		202,035		200,045		203,361
OTHER INCOME (EXPENSES)
Interest income	13,190		10,696		7,015		3,421		1,460
Interest expense	(38,871)		(32,325)		(29,837)		(26,383)		(25,671)
Total other expenses	(25,681)		(21,629)		(22,822)		(22,962)		(24,211)
NET INCOME	55,700		53,046		58,737		61,275		65,230
Net income attributable to noncontrolling common units of the Operating Partnership	(502)		(471)		(515)		(537)		(560)
Net income attributable to noncontrolling interests in consolidated property partnerships	(5,278)		(5,291)		(5,460)		(5,151)		(8,062)
Total income attributable to noncontrolling interests	(5,780)		(5,762)		(5,975)		(5,688)		(8,622)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	49,920	$	47,284	$	52,762	$	55,587	$	56,608
Weighted average common shares outstanding – basic	117,338		117,240		117,185		117,155		117,059
Weighted average common shares outstanding – diluted	117,961		117,816		117,495		117,360		117,407
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE
Net income available to common stockholders per share – basic	$	0.42	$	0.40	$	0.45	$	0.47	$	0.48
Net income available to common stockholders per share – diluted	$	0.42	$	0.40	$	0.45	$	0.47	$	0.48

_______________________

(1)The three months ended December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 includes$4.9 million, $5.8 million, $3.1 million and $3.2 million, respectively, of retirement costs for our former CEO and former President, primarily comprised of accelerated stock compensation expense.

5

Q1 2024 Supplemental Financial Report

Funds From Operations and Funds Available for Distribution

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

	Three Months Ended
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
FUNDS FROM OPERATIONS (1):
Net income available to common stockholders	$	49,920	$	47,284	$	52,762	$	55,587	$	56,608
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	502		471		515		537		560
Net income attributable to noncontrolling interests in consolidated property partnerships	5,278		5,291		5,460		5,151		8,062
Depreciation and amortization of real estate assets	86,460		84,402		83,518		88,473		91,671
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(8,437)		(8,191)		(8,208)		(7,895)		(10,942)
Funds From Operations (1)	$	133,723	$	129,257	$	134,047	$	141,853	$	145,959
Weighted average common shares/units outstanding – basic (2)	119,660		118,896		118,934		118,930		118,818
Weighted average common shares/units outstanding – diluted (3)	120,283		119,473		119,245		119,134		119,165
FFO per common share/unit – basic (1)	$	1.12	$	1.09	$	1.13	$	1.19	$	1.23
FFO per common share/unit – diluted (1)	$	1.11	$	1.08	$	1.12	$	1.19	$	1.22
FUNDS AVAILABLE FOR DISTRIBUTION (1):
Funds From Operations (1)	$	133,723	$	129,257	$	134,047	$	141,853	$	145,959
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures	(11,763)		(31,411)		(20,519)		(17,850)		(17,766)
Amortization of deferred revenue related to tenant-funded tenant improvements (4)	(6,502)		(5,717)		(4,883)		(4,912)		(5,185)
Net effect of straight-line rents	3,536		5,143		(2,382)		(5,720)		(5,619)
Amortization of net below market rents (5)	(904)		(973)		(1,034)		(1,608)		(3,033)
Amortization of deferred financing costs and net debt discount/premium	1,757		1,279		1,312		1,254		1,355
Non-cash amortization of share-based compensation awards	3,381		8,498		10,596		7,721		10,043
Lease related adjustments, leasing costs and other (6)	1,216		1,966		(401)		(2,106)		5,462
Adjustments attributable to noncontrolling interests in consolidated property partnerships	884		1,486		1,962		914		1,317
Funds Available for Distribution (1)	$	125,328	$	109,528	$	118,698	$	119,546	$	132,533

________________________

(1)Please refer to pages 31-33 for Management Statements on non-GAAP supplemental 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.

(3)Calculated based on weighted average shares outstanding including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

(4)Represents revenue recognized during the period as a result of the amortization of deferred revenue recorded for tenant-funded tenant improvements.

(5)Represents the non-cash adjustment related to the acquisition of buildings with above and/or below market rents.

(6)Includes other cash and non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences, leasing costs and other.

6

Q1 2024 Supplemental Financial Report

Net Operating Income

(unaudited, $ in thousands)

	Three Months Ended March 31,
	2024		2023		% Change
Operating Revenues:
Rental income (1)	$	226,586	$	243,507	(6.9)	%
Tenant reimbursements (1)	48,304		46,597		3.7	%
Other property income	3,691		2,698		36.8	%
Total operating revenues	278,581		292,802		(4.9)	%
Operating Expenses:
Property expenses	57,320		53,780		6.6	%
Real estate taxes	29,239		28,228		3.6	%
Ground leases	2,752		2,369		16.2	%
Total operating expenses	89,311		84,377		5.8	%
Net Operating Income (2)	$	189,270	$	208,425	(9.2)	%

________________________

(1)Revenue from tenant reimbursements is included in rental income on our consolidated statements of operations.

(2)Please refer to page 31-33 for Management Statements on non-GAAP supplemental measures and page 38 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.

7

02

Portfolio Data

–Same Store Analysis

–Stabilized Portfolio Occupancy Overview by Region

–Information on Leases Commenced & Leases Executed

–Stabilized Portfolio Capital Expenditures

–Stabilized Portfolio Lease Expirations

–Top 20 Tenants

–Tenant Industry Diversification

–Consolidated Ventures (Noncontrolling Property Partnerships)

Q1 2024 Supplemental Financial Report

Same Store Analysis

(unaudited, $ in thousands)

		Three Months Ended March 31,
		2024			2023			% Change		% Contribution
	Total Same Store Portfolio (1)
	Number of properties	119			119
	Square Feet	16,213,906			16,213,906
	Average Occupancy	85.2		%	89.9		%
	Percent of Stabilized Portfolio	95.1		%
	Operating Revenues:
	Rental income (2)	$	217,777		$	236,471		(7.9)	%	(9.3)	%
	Tenant reimbursements (2)	44,809			43,400			3.2	%	0.7	%
	Other property income	3,133			2,426			29.1	%	0.4	%
	Total operating revenues	265,719			282,297			(5.9)	%	(8.2)	%
	Operating Expenses:
	Property expenses	55,379			52,558			5.4	%	(1.5)	%
	Real estate taxes	25,703			26,326			(2.4)	%	0.3	%
	Ground leases	1,945			1,854			4.9	%	0.0	%
	Total operating expenses	83,027			80,738			2.8	%	(1.2)	%
	Net Operating Income	$	182,692		$	201,559		(9.4)	%	(9.4)	%
Same Store Analysis (Cash Basis)
		Three Months Ended March 31,
		2024			2023			% Change		% Contribution
	Total operating revenues (3)	$	263,181		$	274,939		(4.3)	%	(6.1)	%
	Total operating expenses	82,930			80,638			2.8	%	(1.1)	%
	Cash Net Operating Income (4)	$	180,251		$	194,301		(7.2)	%	(7.2)	%

________________________

(1)Same Store is defined as all properties owned and included in our stabilized portfolio as of January 1, 2023 and still owned and included in the stabilized portfolio as of March 31, 2024. Same Store includes 100% of consolidated property partnerships as well as our three residential properties.

(2)Revenue from tenant reimbursements is included in rental income on our consolidated statements of operations.

(3)For same store cash basis, lease termination and restoration fees are recognized in the period they are received, which may not correspond to the timing of GAAP revenue recognition. Tenant prepayments are recognized in the applicable lease billing period.

(4)Please refer to pages 31-33 for Management Statements on non-GAAP supplemental measures. Please refer to page 38 for a reconciliation of GAAP Net Income Available to Common Stockholders to Same Store Net Operating Income and Same Store Cash Net Operating Income. Adjustments to GAAP operating revenues include the net effect of straight-line rents, amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above and below market lease intangibles and revenue reversals (recoveries) related to tenant creditworthiness.

9

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region

	Portfolio Breakdown					Occupied at				Leased at
STABILIZED PORTFOLIO (1)(2)	YTD NOI %		SF %		Total SF	3/31/2024		12/31/2023		3/31/2024		12/31/2023
Los Angeles
Hollywood / West Hollywood	8.3	%	8.1	%	1,383,563	85.9	%	87.9	%	87.1	%	91.3	%
El Segundo	3.7	%	6.4	%	1,103,595	76.0	%	75.4	%	76.0	%	75.6	%
Long Beach	2.3	%	5.6	%	957,706	80.5	%	85.7	%	83.8	%	85.7	%
West Los Angeles	3.1	%	4.3	%	726,975	58.8	%	60.0	%	58.8	%	60.0	%
Culver City	0.5	%	1.0	%	166,207	55.6	%	71.9	%	55.6	%	71.9	%
Total Los Angeles	17.9	%	25.4	%	4,338,046	76.5	%	79.0	%	77.6	%	80.1	%
San Diego
Del Mar	12.8	%	10.5	%	1,791,486	96.5	%	96.9	%	98.1	%	97.1	%
I-15 Corridor	1.5	%	2.5	%	433,851	79.9	%	82.6	%	83.8	%	85.5	%
Little Italy / Point Loma	0.4	%	1.9	%	319,879	41.7	%	41.6	%	43.7	%	43.8	%
University Towne Center	1.8	%	1.4	%	231,060	100.0	%	100.0	%	100.0	%	100.0	%
Total San Diego	16.5	%	16.3	%	2,776,276	87.9	%	88.6	%	89.7	%	89.5	%
San Francisco Bay Area
San Francisco CBD	25.1	%	20.0	%	3,400,600	84.7	%	85.0	%	84.8	%	85.5	%
Silicon Valley	8.6	%	7.5	%	1,286,100	100.0	%	100.0	%	100.0	%	100.0	%
South San Francisco	8.4	%	4.7	%	806,109	100.0	%	100.0	%	100.0	%	100.0	%
Other Peninsula	4.7	%	4.0	%	677,213	85.3	%	93.2	%	96.6	%	96.6	%
Total San Francisco Bay Area	46.8	%	36.2	%	6,170,022	89.9	%	91.0	%	91.3	%	91.6	%
Seattle
Lake Union / Denny Regrade	10.1	%	12.2	%	2,080,883	78.8	%	78.9	%	79.2	%	78.9	%
Bellevue	5.6	%	5.4	%	919,295	94.5	%	93.6	%	95.1	%	95.4	%
Total Seattle	15.7	%	17.6	%	3,000,178	83.6	%	83.4	%	84.1	%	84.0	%
Austin
Austin CBD	3.1	%	4.5	%	758,975	71.5	%	64.9	%	78.2	%	78.2	%
Total Austin	3.1	%	4.5	%	758,975	71.5	%	64.9	%	78.2	%	78.2	%
TOTAL STABILIZED PORTFOLIO	100.0	%	100.0	%	17,043,497	84.2	%	85.0	%	85.7	%	86.4	%

Average Occupancy

Quarter-to-Date

84.5%

________________________

(1)Excludes residential properties.

(2)Buildings within a complex of properties are analyzed at the complex level.

10

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

			Occupied at				Leased at
	Submarket	Square Feet	3/31/2024		12/31/2023		3/31/2024		12/31/2023
Los Angeles, California
1350 Ivar Avenue	Hollywood	16,448	100.0	%	100.0	%	100.0	%	100.0	%
1355 Vine Street	Hollywood	183,129	100.0	%	100.0	%	100.0	%	100.0	%
1375 Vine Street	Hollywood	159,236	100.0	%	100.0	%	100.0	%	100.0	%
1395 Vine Street	Hollywood	2,575	100.0	%	100.0	%	100.0	%	100.0	%
1500 N. El Centro Avenue	Hollywood	113,447	63.6	%	41.4	%	63.6	%	63.6	%
1525 N. Gower Street	Hollywood	9,610	100.0	%	100.0	%	100.0	%	100.0	%
1575 N. Gower Street	Hollywood	264,430	100.0	%	100.0	%	100.0	%	100.0	%
6115 W. Sunset Boulevard	Hollywood	26,238	23.8	%	53.0	%	23.8	%	53.0	%
6121 W. Sunset Boulevard	Hollywood	93,418	100.0	%	100.0	%	100.0	%	100.0	%
6255 W. Sunset Boulevard	Hollywood	325,772	66.5	%	77.9	%	67.0	%	84.1	%
8560 W. Sunset Boulevard	West Hollywood	76,359	77.4	%	87.6	%	91.7	%	87.6	%
8570 W. Sunset Boulevard	West Hollywood	49,276	94.5	%	94.5	%	99.0	%	99.0	%
8580 W. Sunset Boulevard	West Hollywood	6,875	59.0	%	59.0	%	59.0	%	59.0	%
8590 W. Sunset Boulevard	West Hollywood	56,750	97.4	%	97.4	%	99.7	%	97.4	%
2240 E. Imperial Highway	El Segundo	122,870	100.0	%	100.0	%	100.0	%	100.0	%
2250 E. Imperial Highway	El Segundo	298,728	46.2	%	46.2	%	46.2	%	46.2	%
2260 E. Imperial Highway	El Segundo	298,728	100.0	%	100.0	%	100.0	%	100.0	%
909 N. Pacific Coast Highway	El Segundo	244,880	79.3	%	78.6	%	79.3	%	79.3	%
999 N. Pacific Coast Highway	El Segundo	138,389	61.3	%	58.1	%	61.3	%	58.1	%
3750 Kilroy Airport Way	Long Beach	10,718	100.0	%	100.0	%	100.0	%	100.0	%
3760 Kilroy Airport Way	Long Beach	166,761	77.0	%	77.0	%	77.0	%	77.0	%
3780 Kilroy Airport Way	Long Beach	221,452	89.9	%	91.4	%	91.8	%	91.4	%
3800 Kilroy Airport Way	Long Beach	192,476	89.3	%	89.3	%	89.3	%	89.3	%
3840 Kilroy Airport Way	Long Beach	138,441	77.6	%	77.6	%	77.6	%	77.6	%
3880 Kilroy Airport Way	Long Beach	96,923	51.9	%	100.0	%	51.9	%	100.0	%
3900 Kilroy Airport Way	Long Beach	130,935	78.7	%	78.7	%	100.0	%	78.7	%
12100 W. Olympic Boulevard	West Los Angeles	155,679	74.1	%	74.1	%	74.1	%	74.1	%
12200 W. Olympic Boulevard	West Los Angeles	154,544	32.0	%	32.0	%	32.0	%	32.0	%
12233 W. Olympic Boulevard	West Los Angeles	156,746	48.5	%	52.7	%	48.5	%	52.7	%
12312 W. Olympic Boulevard	West Los Angeles	76,644	100.0	%	100.0	%	100.0	%	100.0	%
2100/2110 Colorado Avenue	West Los Angeles	104,853	55.4	%	55.4	%	55.4	%	55.4	%
501 Santa Monica Boulevard	West Los Angeles	78,509	66.5	%	68.4	%	66.5	%	68.4	%
3101-3243 La Cienega Boulevard	Culver City	166,207	55.6	%	71.9	%	55.6	%	71.9	%
Total Los Angeles		4,338,046	76.5	%	79.0	%	77.6	%	80.1	%

11

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

			Occupied at				Leased at
	Submarket	Square Feet	3/31/2024		12/31/2023		3/31/2024		12/31/2023
San Diego, California
12225 El Camino Real	Del Mar	58,401	100.0	%	100.0	%	100.0	%	100.0	%
12235 El Camino Real	Del Mar	53,751	100.0	%	100.0	%	100.0	%	100.0	%
12340 El Camino Real	Del Mar	109,307	100.0	%	100.0	%	100.0	%	100.0	%
12390 El Camino Real	Del Mar	73,238	100.0	%	100.0	%	100.0	%	100.0	%
12770 El Camino Real	Del Mar	75,035	100.0	%	100.0	%	100.0	%	100.0	%
12780 El Camino Real	Del Mar	140,591	100.0	%	100.0	%	100.0	%	100.0	%
12790 El Camino Real	Del Mar	87,944	100.0	%	100.0	%	100.0	%	100.0	%
12830 El Camino Real	Del Mar	196,444	100.0	%	100.0	%	100.0	%	100.0	%
12860 El Camino Real	Del Mar	92,042	100.0	%	100.0	%	100.0	%	100.0	%
12348 High Bluff Drive	Del Mar	39,192	100.0	%	100.0	%	100.0	%	100.0	%
12400 High Bluff Drive	Del Mar	216,518	91.7	%	91.7	%	100.0	%	91.7	%
3579 Valley Centre Drive	Del Mar	54,960	94.7	%	94.7	%	94.7	%	94.7	%
3611 Valley Centre Drive	Del Mar	132,425	100.0	%	100.0	%	100.0	%	100.0	%
3661 Valley Centre Drive	Del Mar	131,662	95.3	%	100.0	%	100.0	%	100.0	%
3721 Valley Centre Drive	Del Mar	115,193	78.4	%	78.4	%	78.4	%	78.4	%
3811 Valley Centre Drive	Del Mar	118,912	100.0	%	100.0	%	100.0	%	100.0	%
3745 Paseo Place	Del Mar	95,871	89.6	%	89.6	%	93.2	%	93.2	%
13480 Evening Creek Drive North	I-15 Corridor	143,401	63.1	%	54.5	%	63.1	%	63.1	%
13500 Evening Creek Drive North	I-15 Corridor	143,749	81.0	%	92.9	%	92.9	%	92.9	%
13520 Evening Creek Drive North	I-15 Corridor	146,701	95.2	%	100.0	%	95.2	%	100.0	%
2100 Kettner Boulevard	Little Italy	212,423	21.2	%	20.5	%	24.2	%	23.8	%
2305 Historic Decatur Road	Point Loma	107,456	82.1	%	82.1	%	82.1	%	82.1	%
9455 Towne Centre Drive	University Towne Center	160,444	100.0	%	100.0	%	100.0	%	100.0	%
9514 Towne Centre Drive *	University Towne Center	70,616	100.0	%	100.0	%	100.0	%	100.0	%
Total San Diego		2,776,276	87.9	%	88.6	%	89.7	%	89.5	%

________________________

* Excluded from our Same Store portfolio.

12

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

			Occupied at				Leased at
	Submarket	Square Feet	3/31/2024		12/31/2023		3/31/2024		12/31/2023
San Francisco Bay Area, California
100 Hooper Street	San Francisco CBD	417,914	95.5	%	95.5	%	95.5	%	95.5	%
100 First Street	San Francisco CBD	480,457	92.8	%	98.3	%	93.6	%	98.3	%
303 Second Street	San Francisco CBD	784,658	73.2	%	71.1	%	73.2	%	73.5	%
201 Third Street	San Francisco CBD	346,538	68.2	%	68.2	%	68.2	%	68.2	%
360 Third Street	San Francisco CBD	436,357	66.6	%	66.6	%	66.6	%	66.6	%
250 Brannan Street	San Francisco CBD	100,850	100.0	%	100.0	%	100.0	%	100.0	%
301 Brannan Street	San Francisco CBD	82,834	100.0	%	100.0	%	100.0	%	100.0	%
333 Brannan Street	San Francisco CBD	185,602	100.0	%	100.0	%	100.0	%	100.0	%
345 Brannan Street	San Francisco CBD	110,050	99.7	%	99.7	%	99.7	%	99.7	%
350 Mission Street	San Francisco CBD	455,340	99.7	%	99.7	%	99.7	%	99.7	%
1290-1300 Terra Bella Avenue	Silicon Valley	114,175	100.0	%	100.0	%	100.0	%	100.0	%
680 E. Middlefield Road	Silicon Valley	171,676	100.0	%	100.0	%	100.0	%	100.0	%
690 E. Middlefield Road	Silicon Valley	171,215	100.0	%	100.0	%	100.0	%	100.0	%
1701 Page Mill Road	Silicon Valley	128,688	100.0	%	100.0	%	100.0	%	100.0	%
3150 Porter Drive	Silicon Valley	36,886	100.0	%	100.0	%	100.0	%	100.0	%
505 Mathilda Avenue	Silicon Valley	212,322	100.0	%	100.0	%	100.0	%	100.0	%
555 Mathilda Avenue	Silicon Valley	212,322	100.0	%	100.0	%	100.0	%	100.0	%
599 Mathilda Avenue	Silicon Valley	76,031	100.0	%	100.0	%	100.0	%	100.0	%
605 Mathilda Avenue	Silicon Valley	162,785	100.0	%	100.0	%	100.0	%	100.0	%
345 Oyster Point Boulevard	South San Francisco	40,410	100.0	%	100.0	%	100.0	%	100.0	%
347 Oyster Point Boulevard	South San Francisco	39,780	100.0	%	100.0	%	100.0	%	100.0	%
349 Oyster Point Boulevard	South San Francisco	65,340	100.0	%	100.0	%	100.0	%	100.0	%
350 Oyster Point Boulevard	South San Francisco	234,892	100.0	%	100.0	%	100.0	%	100.0	%
352 Oyster Point Boulevard	South San Francisco	232,215	100.0	%	100.0	%	100.0	%	100.0	%
354 Oyster Point Boulevard	South San Francisco	193,472	100.0	%	100.0	%	100.0	%	100.0	%
4100 Bohannon Drive	Other Peninsula	47,643	100.0	%	100.0	%	100.0	%	100.0	%
4200 Bohannon Drive	Other Peninsula	43,600	69.4	%	69.4	%	69.4	%	69.4	%
4300 Bohannon Drive	Other Peninsula	63,430	48.8	%	48.8	%	85.1	%	85.1	%
4500 Bohannon Drive	Other Peninsula	63,429	100.0	%	100.0	%	100.0	%	100.0	%
4600 Bohannon Drive	Other Peninsula	48,413	100.0	%	100.0	%	100.0	%	100.0	%
4700 Bohannon Drive	Other Peninsula	63,429	100.0	%	100.0	%	100.0	%	100.0	%
900 Jefferson Avenue	Other Peninsula	228,505	100.0	%	100.0	%	100.0	%	100.0	%
900 Middlefield Road	Other Peninsula	118,764	54.7	%	100.0	%	100.0	%	100.0	%
Total San Francisco Bay Area		6,170,022	89.9	%	91.0	%	91.3	%	91.6	%

13

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

			Occupied at				Leased at
	Submarket	Square Feet	3/31/2024		12/31/2023		3/31/2024		12/31/2023
Seattle, Washington
333 Dexter Avenue North	Lake Union	618,766	100.0	%	100.0	%	100.0	%	100.0	%
701 N. 34th Street	Lake Union	141,860	100.0	%	100.0	%	100.0	%	100.0	%
801 N. 34th Street	Lake Union	173,615	100.0	%	100.0	%	100.0	%	100.0	%
837 N. 34th Street	Lake Union	112,487	100.0	%	100.0	%	100.0	%	100.0	%
320 Westlake Avenue North	Lake Union	184,644	94.3	%	96.1	%	94.3	%	96.1	%
321 Terry Avenue North	Lake Union	135,755	100.0	%	100.0	%	100.0	%	100.0	%
401 Terry Avenue North	Lake Union	174,530	100.0	%	100.0	%	100.0	%	100.0	%
2001 West 8th Avenue	Denny Regrade	539,226	20.0	%	20.0	%	21.6	%	20.0	%
601 108th Avenue NE	Bellevue	490,738	98.6	%	100.0	%	98.6	%	100.0	%
10900 NE 4th Street	Bellevue	428,557	89.7	%	86.2	%	91.1	%	90.1	%
Total Seattle		3,000,178	83.6	%	83.4	%	84.1	%	84.0	%
Austin, Texas
200 W. 6th Street *	Austin CBD	758,975	71.5	%	64.9	%	78.2	%	78.2	%
Total Austin		758,975	71.5	%	64.9	%	78.2	%	78.2	%
TOTAL STABILIZED PORTFOLIO		17,043,497	84.2	%	85.0	%	85.7	%	86.4	%

________________________

* Excluded from our Same Store portfolio.

			Average Residential Occupancy
			Quarter-to-Date
RESIDENTIAL PROPERTIES	Submarket	Total No. of Units	3/31/2024	12/31/2023
Los Angeles, California
1550 N. El Centro Avenue	Hollywood	200	90.6%	91.7%
6390 De Longpre Avenue	Hollywood	193	92.4%	91.2%
San Diego, California
3200 Paseo Village Way	Del Mar	608	94.1%	93.1%
TOTAL RESIDENTIAL PROPERTIES		1,001	93.1%	92.5%

14

Q1 2024 Supplemental Financial Report

Information on Leases Commenced (1)

Quarter to Date	# of Leases		Square Feet			Weighted Average Lease Term (Mo.)	TI/LC Per Sq.Ft. (2)		TI/LC Per Sq.Ft. /Year (2)		Changes in GAAP Rents (3)		Changes in Cash Rents (3)
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (4)(5)	10	12	109,490	129,776	239,266	54	$	38.46	$	8.55	4.3	%	(7.1)	%
1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5)	2	—	53,469	—	53,469	182	$	198.94	$	13.12
TOTAL	12	12	162,959	129,776	292,735

________________________

(1)Includes 100% of consolidated property partnerships.

(2)Includes tenant improvement costs and third-party leasing commissions. Amounts exclude tenant-funded tenant improvements and indirect leasing costs.

(3)Calculated as the change between GAAP rents / stated rents for new / renewed leases and the expiring GAAP rents for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.

(4)Excludes leases with a lease term of less than one year.

(5)Refer to pages 35-37 "Definitions Included in Supplemental."

15

Q1 2024 Supplemental Financial Report

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 (4)		Retention Rates
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (5)(6)	16	12	140,401	129,776	270,177	55	$	42.91	$	9.36	8.6	%	(2.9)	%	30.9	%
1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (6)	4	—	13,717	—	13,717	69	$	50.24	$	8.74
TOTAL	20	12	154,118	129,776	283,894

________________________

(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three months ended March 31, 2024, we signed 115,864 square feet of leases with a lease term less than one year.

(2)During the three months ended March 31, 2024, 16 new leases totaling 134,501 square feet were signed but not commenced as of March 31, 2024.

(3)Includes tenant improvement costs and third-party leasing commissions. Amounts exclude tenant-funded tenant improvements and indirect leasing costs.

(4)Calculated as the change between GAAP rents / stated rents for new / renewed leases and the expiring GAAP rents for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.

(5)Excludes leases with a lease term of less than one year.

(6)Refer to pages 35-37 "Definitions Included in Supplemental."

16

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Capital Expenditures

($ in thousands)

	Q1 2024			Q4 2023		Q3 2023		Q2 2023		Q1 2023
2nd Gen Capital Expenditures: (1) (2)
Capital Improvements	$	4,962		$	12,872	$	6,361	$	7,263	$	7,297
Tenant Improvements & Leasing Commissions	6,801			18,539		14,158		10,587		10,469
Total	$	11,763		$	31,411	$	20,519	$	17,850	$	17,766
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters	10.2		%
	Q1 2024			Q4 2023		Q3 2023		Q2 2023		Q1 2023
Major Repositioning Capital Expenditures: (1) (3)
Capital Improvements	$	7,130		$	1,411	$	2,092	$	1,298	$	396
Tenant Improvements & Leasing Commissions	89			(329)		—		—		—
Total	$	7,219		$	1,082	$	2,092	$	1,298	$	396
	Q1 2024			Q4 2023		Q3 2023		Q2 2023		Q1 2023
1st Gen Capital Expenditures: (1) (4)
Tenant Improvements & Leasing Commissions	$	10,063		N/A		N/A		N/A		N/A
Total	$	10,063		N/A		N/A		N/A		N/A

________________________

(1)Refer to pages 35-37 “Definitions Included in Supplemental.”

(2)Includes 100% of capital expenditures of consolidated property partnerships.

(3)Prior to Q1 2024, this category was titled "1st Generation (Nonrecurring) Capital Expenditures." 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.

(4)New category of capital expenditures beginning in Q1 2024.

17

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Summary (1)

($ in thousands, except for annualized rent per sq. ft.)

# of Expiring Leases	46		70		63		71		52		38		44		42		15		13		20
% of Total Leased Sq. Ft.	4.9	%	5.0	%	14.1	%	7.5	%	7.9	%	8.1	%	11.4	%	14.8	%	7.9	%	8.2	%	10.2	%
Annualized Base Rent (“ABR”)	$34,664		$32,884		$94,594		$43,775		$69,322		$61,695		$95,748		$137,863		$73,937		$69,315		$89,588
% of Total ABR (2)	4.3	%	4.1	%	11.8	%	5.4	%	8.6	%	7.7	%	11.9	%	17.3	%	9.2	%	8.6	%	11.1	%
Annualized Rent per Sq. Ft.	$50.26		$46.09		$47.37		$41.00		$61.85		$54.00		$59.41		$66.01		$66.29		$59.92		$62.15

________________________

(1)For leases that have been renewed early with existing tenants, the expiration date and annualized base rent information presented takes into consideration the renewed lease terms. Excludes leases not commenced as of March 31, 2024, space leased under month-to-month leases, storage leases, vacant space and future lease renewal options not executed as of March 31, 2024.

(2)Includes 100% of annualized base rent of consolidated property partnerships.

18

Q1 2024 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Schedule by Region

($ in thousands, except for annualized 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 Rent per Sq. Ft.
2024	Los Angeles	28	260,713	1.8	%	$	11,831	1.4	%	$	45.38
	San Diego	5	39,344	0.3	%	1,399		0.2	%	35.56
	San Francisco Bay Area	7	236,194	1.7	%	15,739		2.0	%	66.64
	Seattle	6	153,395	1.1	%	5,695		0.7	%	37.13
	Austin	—	—	—	%	—		—	%	—
	Total	46	689,646	4.9	%	$	34,664	4.3	%	$	50.26
2025	Los Angeles	34	223,255	1.6	%	$	9,390	1.2	%	$	42.06
	San Diego	17	225,358	1.6	%	9,218		1.1	%	40.90
	San Francisco Bay Area	9	124,088	0.8	%	8,725		1.1	%	70.31
	Seattle	10	140,831	1.0	%	5,551		0.7	%	39.42
	Austin	—	—	—	%	—		—	%	—
	Total	70	713,532	5.0	%	$	32,884	4.1	%	$	46.09
2026	Los Angeles	26	488,231	3.5	%	$	20,153	2.5	%	$	41.28
	San Diego	9	162,192	1.0	%	8,582		1.1	%	52.91
	San Francisco Bay Area	16	941,332	6.7	%	49,294		6.1	%	52.37
	Seattle	12	405,215	2.9	%	16,565		2.1	%	40.88
	Austin	—	—	—	%	—		—	%	—
	Total	63	1,996,970	14.1	%	$	94,594	11.8	%	$	47.37
2027	Los Angeles	38	732,877	5.2	%	$	27,069	3.4	%	$	36.94
	San Diego	18	171,689	1.2	%	8,519		1.1	%	49.62
	San Francisco Bay Area	5	76,582	0.5	%	4,922		0.5	%	64.27
	Seattle	10	86,543	0.6	%	3,265		0.4	%	37.73
	Austin	—	—	—	%	—		—	%	—
	Total	71	1,067,691	7.5	%	$	43,775	5.4	%	$	41.00
2028	Los Angeles	21	114,983	0.8	%	$	5,978	0.7	%	$	51.99
	San Diego	12	214,134	1.5	%	12,173		1.5	%	56.85
	San Francisco Bay Area	11	730,461	5.2	%	49,244		6.2	%	67.41
	Seattle	8	61,231	0.4	%	1,927		0.2	%	31.47
	Austin	—	—	—	%	—		—	%	—
	Total	52	1,120,809	7.9	%	$	69,322	8.6	%	$	61.85
2029 and Beyond	Los Angeles	45	1,401,704	10.0	%	$	80,413	10.0	%	$	57.37
	San Diego	57	1,609,568	11.4	%	99,531		12.4	%	61.84
	San Francisco Bay Area	36	3,391,679	24.0	%	250,073		31.1	%	73.73
	Seattle	24	1,617,162	11.4	%	74,118		9.3	%	45.83
	Austin	10	536,287	3.8	%	24,011		3.0	%	44.77
	Total	172	8,556,400	60.6	%	$	528,146	65.8	%	$	61.73

________________________

(1)Includes 100% of annualized base rent of consolidated property partnerships.

19

Q1 2024 Supplemental Financial Report

Top 20 Tenants

($ in thousands)  

Tenant Name (1)	Region	Annualized Base Rental Revenue (2)		Rentable Square Feet	Percentage of Total Annualized Base Rental Revenue		Percentage of Total Rentable Square Feet		Year(s) of Significant Lease Expiration(s) (3)	Weighted Average Remaining Lease Term (Years)
Global technology company	Seattle / San Diego	$	44,851	849,826	5.6	%	5.0	%	2032 - 2033 / 2037	9.3
Cruise LLC	San Francisco Bay Area	35,449		374,618	4.4	%	2.2	%	2031	7.7
Stripe, Inc.	San Francisco Bay Area	33,110		425,687	4.1	%	2.5	%	2034	10.3
Salesforce, Inc. (4)	San Francisco Bay Area / Seattle	29,981		613,497	3.7	%	3.6	%	2024 / 2029 - 2030 / 2032	4.8
LinkedIn Corporation / Microsoft Corporation (5)	San Francisco Bay Area	29,752		663,460	3.7	%	3.9	%	2024 / 2026	2.2
Adobe Systems, Inc.	San Francisco Bay Area / Seattle	27,897		522,879	3.5	%	3.1	%	2027 / 2031	7.1
Okta, Inc.	San Francisco Bay Area	24,206		293,001	3.0	%	1.7	%	2028	4.6
DoorDash, Inc.	San Francisco Bay Area	23,842		236,759	3.0	%	1.4	%	2032	7.8
Netflix, Inc.	Los Angeles	21,854		361,388	2.7	%	2.1	%	2032	8.3
Cytokinetics, Inc.	San Francisco Bay Area	18,167		234,892	2.3	%	1.4	%	2033	9.6
Box, Inc.	San Francisco Bay Area	16,853		287,679	2.1	%	1.7	%	2028	4.3
DIRECTV, LLC	Los Angeles	16,085		532,956	2.0	%	3.1	%	2026 - 2027	3.4
Synopsys, Inc.	San Francisco Bay Area	15,492		342,891	1.9	%	2.0	%	2030	6.4
Amazon.com	Seattle	14,989		340,705	1.9	%	2.0	%	2029 - 2030	5.8
Neurocrine Biosciences, Inc.	San Diego	14,046		254,578	1.8	%	1.5	%	2025 / 2031	6.7
Riot Games, Inc. (6)	Los Angeles	13,829		210,133	1.7	%	1.2	%	2024 / 2026 / 2031	3.2
Viacom International, Inc.	Los Angeles	13,718		220,330	1.7	%	1.3	%	2028	4.8
Indeed, Inc.	Austin	13,430		330,394	1.7	%	1.9	%	2034	10.8
Sony Interactive Entertainment, LLC	San Francisco Bay Area	13,059		127,760	1.6	%	0.7	%	2030	6.0
Tandem Diabetes Care, Inc.	San Diego	12,409		143,850	1.5	%	0.8	%	2035	11.1
Total Top 20 Tenants		$	433,019	7,367,283	53.9	%	43.1	%		6.6

________________________

(1)Includes subsidiaries of the tenant listed.

(2)The information presented is based upon annualized base rental revenues as of March 31, 2024 and Includes 100% of annualized base rental revenues of consolidated property partnerships.

(3)We define significant lease expirations as those with space expiring greater than 25,000 rentable square feet.

(4)The 2024 lease expiration represents 140,509 rentable square feet expiring on August 31, 2024.

(5)The 2024 lease expiration represents 76,031 rentable square feet expiring on October 31, 2024.

(6)The 2024 lease expiration represents 6,411 rentable square feet expiring on July 31, 2024 and 40,236 rentable square feet expiring on November 30, 2024.

20

Q1 2024 Supplemental Financial Report

Tenant Industry Diversification (1)

Annualized Base Rent (2) Square Feet Leased

________________________

(1)Based on the North American Industry Classification System as of March 31, 2024.

(2)Includes 100% of annualized base rent of consolidated property partnerships.

21

Q1 2024 Supplemental Financial Report

Consolidated Ventures (Noncontrolling Property Partnerships)

Property	Venture Partner	Submarket	Rentable Square Feet	KRC Ownership %
100 First Street, San Francisco, CA	Norges Bank Real Estate Management	San Francisco	480,457	56%
303 Second Street, San Francisco, CA	Norges Bank Real Estate Management	San Francisco	784,658	56%
900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1)	Local developer	Redwood City	347,269	93%

	Quarter-to-Date
Total operating revenues	$	30,447
Total operating expenses	8,238
Net Operating Income - Consolidated Ventures (2)(3)	$	22,209
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(934)
Net effect of straight-line rents	(372)
Lease related adjustments, leasing costs and other	1,870
Other (4)	81
Cash Net Operating Income - Consolidated Ventures (3)	$	22,854
Company's Share of Cash Net Operating Income - Consolidated Ventures (3)	$	15,685

____________________

(1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.

(2)For breakout of Net Operating Income by partnership, refer to page 38, Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income.

(3)Please refer to pages 31-33 for Management Statements on non-GAAP supplemental measures.

(4)Includes revenue reversals (recoveries) related to tenant creditworthiness.

22

03

Development

–In-Process Development & Redevelopment

–Future Development Pipeline

Q1 2024 Supplemental Financial Report

In-Process Development & Redevelopment

($ in millions)

UNDER CONSTRUCTION	Location	Construction Start Date	Estimated Stabilization Date (1)	Estimated Rentable Square Feet	Total Estimated Investment		Total Cash Costs Incurred as of 3/31/2024 (2)(3)		% Leased
Office / Life Science
San Francisco Bay Area
Kilroy Oyster Point - Phase 2	South San Francisco	2Q 2021	4Q 2025	875,000	$	1,000	$	644	—%
4400 Bohannon Drive (4)	Other Peninsula	4Q 2022	3Q 2025	48,000	55		22		—%
San Diego County
4690 Executive Drive (4)	University Towne Center	1Q 2022	2Q 2025	52,000	25		20		—%
TOTAL:				975,000	$	1,080	$	686	—%

________________________

(1)For office and retail, represents the earlier of anticipated 95% occupancy date 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 and other tenant related timing or project scope. For projects being redeveloped, redevelopment will occur in phases based on existing lease expiration dates and timing of the tenant improvement build-out.

(2)Represents costs incurred as of March 31, 2024, excluding accrued liabilities recorded in accordance with GAAP.

(3)For redevelopment properties, includes the existing depreciated basis for the buildings to be redeveloped.

(4)Redevelopment property.

24

Q1 2024 Supplemental Financial Report

Future Development Pipeline

($ in millions)

FUTURE DEVELOPMENT PIPELINE	Location	Approx. Developable Square Feet / Resi Units (1)	Total Cash Costs Incurred as of 3/31/2024 (2)
Los Angeles
1633 26th Street	West Los Angeles	190,000	$	15
San Diego
Santa Fe Summit South / North	56 Corridor	600,000 - 650,000	115
2045 Pacific Highway	Little Italy	275,000	55
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	223
Flower Mart	SOMA	2,300,000	579
Seattle
SIX0	Denny Regrade	925,000 and 650 units	185
Austin
Stadium Tower	Stadium District / Domain	493,000	72
TOTAL:			$	1,312

________________________

(1)Represents developable office/life science square feet and/or residential units. The developable square feet, residential units, and scope of projects could change materially from estimated data provided due to one or more of the following: any significant changes in the economy, market conditions, our markets, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes or project design.

(2)Represents costs incurred as of March 31, 2024, excluding accrued liabilities recorded in accordance with GAAP.

25

04

Debt and

Capitalization Data

–Capital Structure

–Debt Analysis

Q1 2024 Supplemental Financial Report

Capital Structure

As of March 31, 2024 ($ in thousands)

	Shares/Units	Aggregate Principal Amount (1) or $ Value Equivalent		% of Total Market Capitalization		Stated Rate (2)		Maturity Date
Unsecured Debt
Revolving Credit Facility		$	—	—	%	6.34	%	7/31/2028 (3)
Term Loan Facility		120,000		1.3	%	6.38	%	10/3/2026 (4)
Term Loan Facility		200,000		2.1	%	6.37	%	10/3/2027 (4)
Private Placement Senior Notes Series A due 2026		50,000		0.5	%	4.30	%	7/18/2026
Private Placement Senior Notes Series B due 2026		200,000		2.1	%	4.35	%	10/18/2026
Private Placement Senior Notes Series A due 2027		175,000		1.8	%	3.35	%	2/17/2027
Private Placement Senior Notes Series B due 2029		75,000		0.8	%	3.45	%	2/17/2029
Private Placement Senior Notes due 2031		350,000		3.7	%	4.27	%	1/31/2031
Senior Notes due 2024		403,712		4.3	%	3.45	%	12/15/2024
Senior Notes due 2025		400,000		4.2	%	4.38	%	10/1/2025
Senior Notes due 2028		400,000		4.2	%	4.75	%	12/15/2028
Senior Notes due 2029		400,000		4.2	%	4.25	%	8/15/2029
Senior Notes due 2030		500,000		5.3	%	3.05	%	2/15/2030
Senior Notes due 2032		425,000		4.5	%	2.50	%	11/15/2032
Senior Notes due 2033		450,000		4.8	%	2.65	%	11/15/2033
Senior Notes due 2036		400,000		4.2	%	6.25	%	1/15/2036
		$	4,548,712	48.0	%	4.06	%
Secured Debt (5)
12100,12200, and 12312 W. Olympic Blvd., Los Angeles		$	155,469	1.6	%	3.57	%	12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle		80,745		0.9	%	4.48	%	7/1/2027
One Paseo Mixed-Use Campus, San Diego		375,000		4.0	%	5.90	%	8/10/2034
		$	611,214	6.5	%	5.12	%
Total Debt		$	5,159,926	54.5	%	4.19	%
Equity and Noncontrolling Interest in the Operating Partnership (6)
Common limited partnership units outstanding (7)	1,150,574	$	41,915	0.4	%
Shares of common stock outstanding	117,366,405	4,275,658		45.1	%
Total Equity and Noncontrolling Interest in the Operating Partnership		$	4,317,573	45.5	%
Total Market Capitalization		$	9,477,499	100.0	%

________________________

(1)Represents the gross aggregate principal amount due at maturity before the effect of unamortized deferred financing costs and premiums and discounts.

(2)Our unsecured revolving credit facility and unsecured term loan facilities' interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 0.900% and 0.950%, respectively, based on our credit rating as of March 31, 2024. All other stated rates are fixed interest rates.

(3)Does not assume the exercise of the Company's two six-month extension options.

(4)The maturity dates of the each of the unsecured term loans assumes the exercise of the two twelve-month extensions, at the Company’s election.

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

(6)Value based on closing share price of $36.43 as of March 31, 2024.

(7)Includes common units of the Operating Partnership not owned by the Company; does not include noncontrolling interests in consolidated property partnerships.

27

Q1 2024 Supplemental Financial Report

Debt Analysis

As of March 31, 2024 ($ in thousands)

Total Debt	$408,238	$406,246	$521,317	$449,125	$400,000	$475,000	$500,000	$350,000	$425,000	$450,000	$375,000	—	$400,000
Weighted Average Stated Rate	3.46%	4.37%	4.59%	4.88%	4.75%	4.12%	3.05%	4.27%	2.50%	2.65%	5.90%	—%	6.25%
% of Total	8%	8%	10%	8%	8%	9%	10%	7%	8%	9%	7%	—%	8%

________________________

(1)The maturity dates of the unsecured term loans assume the exercise of the two twelve-month extensions, at the Company's election.

(2)As of March 31, 2024, there was no outstanding balance on our unsecured revolving credit facility maturing on July 31, 2028, before two six-month extensions, at the Company's election.

28

Q1 2024 Supplemental Financial Report

Debt Analysis, continued

As of March 31, 2024 ($ in thousands)

NET DEBT TO COMPANY'S SHARE OF EBITDA, AS ADJUSTED RATIOS (1)
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
Total principal amount of debt	$	5,159,926	$	4,961,406	$	4,969,869	$	4,440,610	$	4,442,046
Cash and cash equivalents	(855,007)		(510,163)		(618,794)		(361,885)		(476,358)
Certificates of deposit	(78,256)		(256,581)		(252,830)		—		—
Net debt	$	4,226,663	$	4,194,662	$	4,098,245	$	4,078,725	$	3,965,688
Trailing 12-months Company's share of EBITDA, as adjusted (2)	$	672,267	$	671,343	$	673,324	$	668,950	$	660,112
Trailing 12-months Company's share of EBITDA, as adjusted less interest income (2)	$	637,945	$	648,751	$	656,196	$	658,543	$	653,001
Net debt to Company's share of EBITDA, as adjusted Ratio	6.3x		6.2x		6.1x		6.1x		6.0x
Net debt to Company's share of EBITDA, as adjusted less interest income Ratio	6.6x		6.5x		6.2x		6.2x		6.1x

KEY DEBT COVENANTS (3)
	Covenant	Actual Performance as of March 31, 2024
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value	less than 60%	32%
Fixed charge coverage ratio	greater than 1.5x	3.3x
Unsecured debt ratio	greater than 1.67x	3.18x
Unencumbered asset pool debt service coverage	greater than 1.75x	3.67x
Unsecured Senior Notes due 2024, 2025, 2028, 2029, 2030, 2032, 2033 and 2036:
Total debt to total asset value	less than 60%	40%
Interest coverage	greater than 1.5x	5.8x
Secured debt to total asset value	less than 40%	5%
Unencumbered asset pool value to unsecured debt	greater than 150%	274%

________________________

(1)Please refer to pages 31-33 for Management Statements on non-GAAP supplemental measures.

(2)Calculated as the sum of the Company's share of EBITDA, as adjusted for the trailing 4 quarters. Please refer to page 40 for a reconciliation of GAAP Net Income Available to Common Stockholders to the Company's Share of EBITDA, as adjusted and the Company's Share of EBITDA, as adjusted less interest income.

(3)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.

29

05

Non-GAAP Supplemental

Measures

Q1 2024 Supplemental Financial Report

Management Statements on Non-GAAP Supplemental Measures

Included in this section are 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 May 2, 2024 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 defines NOI as follows: consolidated operating revenues (rental income and other property income) less consolidated property and related expenses (property expenses, real estate taxes and ground leases). Other real estate investment trusts (“REITs”) may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.

Because NOI excludes leasing costs, general and administrative expenses, interest expense, depreciation and amortization, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure 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. The Company uses NOI to evaluate its operating performance on a portfolio basis since NOI allows 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 NOI provides useful information to the investment community about the Company’s financial and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of performance in the real estate industry.

However, NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, leasing costs, 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.

Same Store Net Operating Income:

Management believes that Same Store NOI is a useful supplemental measure of the Company’s operating performance. Same Store NOI represents the consolidated NOI for all of the properties that were owned and included in the Company's stabilized portfolio for two comparable reporting periods. Because Same Store NOI excludes the change in NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company’s Same Store NOI may not be comparable to other REITs.

However, Same Store 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, nor does it reflect the impact of general and administrative expenses, leasing costs, 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.

31

Q1 2024 Supplemental Financial Report

Management Statements on Non-GAAP Supplemental Measures, continued

Same Store Cash Net Operating Income:

Management believes that Same Store Cash NOI is a useful supplemental measure of the Company’s operating performance. Same Store Cash NOI represents the consolidated NOI for all of the properties that were owned and included in the Company’s stabilized portfolio for two comparable reporting periods, adjusted for the net effect of straight-line rents, amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above and below market lease intangibles, and the provision for bad debts. Because Same Store Cash NOI excludes the change in 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. Other REITs may use different methodologies for calculating Same Store Cash NOI, and accordingly, our Same Store Cash NOI may not be comparable to other REITs.

However, Same Store 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, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs 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.

EBITDA, as adjusted, Company's Share of EBITDA, as adjusted, and Company's Share of EBITDA, as adjusted less interest income:

Management believes that consolidated earnings before interest expense, depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on depreciable real estate, net income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses (“EBITDA, as adjusted”) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, management believes EBITDA, as adjusted, 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 EBITDA, as adjusted, as it is used in several of the Company’s financial covenants for both its secured and unsecured debt. However, EBITDA, as adjusted, 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 EBITDA, as adjusted, and, accordingly, the Company’s EBITDA, as adjusted, may not be comparable to other REITs. The Company’s calculation of EBITDA, as adjusted, is the same as EBITDAre, as defined by Nareit, as the Company does not have any unconsolidated joint ventures. The Company’s Share of EBITDA, as adjusted, is EBITDA, as adjusted less amounts attributable to noncontrolling interests in consolidated property partnerships. The Company’s Share of EBITDA, as adjusted less interest income also deducts interest income.

Net Debt to Company's Share of EBITDA, as adjusted Ratio and Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio:

Management believes that the ratios of our principal balance of debt, less cash and cash equivalents and certificates of deposit, divided by the Company’s share of EBITDA, as adjusted, as well as the Company's share of EBITDA, as adjusted less interest income are useful supplemental measures of the level of borrowed capital being used to increase the potential return of our real estate investments and proxies for a measure we believe is used by many lenders and rating agencies to evaluate our ability to repay and service our debt obligations. We believe the ratios are beneficial disclosure to investors as supplemental means of evaluating our ability to meet obligations senior to those of our equity holders. Other REITs may use different methodologies for calculating these ratios and, accordingly, the Company’s Net Debt to Company’s Share of EBITDA, as adjusted Ratio and Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio may not be comparable to other REITs.

32

Q1 2024 Supplemental Financial Report

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. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide.

However, 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 adding to FFO the non-cash amortization of deferred financing costs, debt discounts and premiums and share-based compensation awards, amortization of above (below) market rents for acquisition properties, then subtracting recurring tenant improvements, leasing commissions and capital expenditures and eliminating the net effect of straight-line rents, amortization of deferred revenue related to tenant improvements, adjusting for other lease related items and amounts of gain or loss on marketable securities related to the Company’s executive deferred compensation plan that are capitalized as development costs, and after adjustment for amounts attributable to noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs and make distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the Company’s FAD may not be comparable to other REITs.

33

06

Definitions and Reconciliations

Q1 2024 Supplemental Financial Report

Definitions Included in Supplemental

Annualized Base Rent:

Includes the impact of straight-lining rent escalations and the amortization of free rent periods and excludes 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.

Change in GAAP / Cash Rents (Leases Commenced):

Calculated as the change between GAAP / cash rents for new/renewed leases and the expiring GAAP / cash rents for the same space. May include leases for which re-leasing timing was impacted by the COVID-19 pandemic and restrictions intended to prevent its spread. Excludes leases for which the space was vacant when the property was acquired by the Company.

Change in GAAP / Cash Rents (Leases Executed):

Calculated as the change between GAAP / cash rents for signed leases and the expiring GAAP / cash rents for the same space. May include leases for which re-leasing timing was impacted by the COVID-19 pandemic and restrictions intended to prevent its spread. Excludes leases for which the space was vacant when the property was acquired by the Company.

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 upon 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 our calculation of FAD.

Fixed Charge Coverage Ratio - EBITDA, as adjusted:

Calculated as EBITDA, as adjusted, 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.

35

Q1 2024 Supplemental Financial Report

Definitions Included in Supplemental, continued

GAAP Effective Rate:

The rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs.

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 EBITDA, as adjusted, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums).

Major Repositioning:

Space for which we are incurring significant non-recurring capital expenditures to reposition and is expected to result in additional revenue generated when re-leased. Capital expenditures for this space are not subtracted in our calculation of FAD.

Net Effect of Straight-Line Rents:

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.

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 their proportionate share of certain operating expenses.

Net Operating Income Margins:

Calculated as net operating income divided by total revenues.

Redevelopment Properties:

Properties for which we expect to spend significant development and construction costs pursuant to a formal plan to change its use.

Retention Rates (Leases Executed):

Calculated as the percentage of space renewed by existing tenants at lease expiration or termination.

Same Store Portfolio:

Our Same Store Portfolio includes all of our properties owned and included in our stabilized portfolio for two comparable reporting periods, i.e., owned and included in our stabilized portfolio as of January 1, 2023 and still owned and included in the stabilized portfolio as of March 31, 2024. It includes our residential portfolio, which consists of our 200-unit residential tower and 193-unit Jardine project in Hollywood, California and 608 residential units at our 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, completed residential developments not yet stabilized and properties held-for-sale. We define redevelopment properties as those projects for which we expect to spend significant development and construction costs on existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property.

36

Q1 2024 Supplemental Financial Report

Definitions Included in Supplemental, continued

Same Store Portfolio Rollforward
	Number of Buildings	Square Feet
Same Store Portfolio as of December 31, 2023	115	15,063,419
Stabilized Development and Redevelopment Properties Added	4	1,151,118
Remeasurements	—	(631)
Same Store Portfolio as of March 31, 2024	119	16,213,906
Stabilized Development and Redevelopment Properties Excluded from Same Store	2	829,591
Stabilized Portfolio as of March 31, 2024	121	17,043,497

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.

Stated Interest Rate:

The rate at which interest expense is recorded per the respective loan documents, excluding the impact of the amortization of any debt discounts/premiums.

Tenant Improvement Phase:

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.

37

Q1 2024 Supplemental Financial Report

Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income

(unaudited, $ in thousands)

	Three Months Ended (1)
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
Net Income Available to Common Stockholders	$	49,920	$	47,284	$	52,762	$	55,587	$	56,608
Net income attributable to noncontrolling common units of the Operating Partnership	502		471		515		537		560
Net income attributable to noncontrolling interests in consolidated property partnerships	5,278		5,291		5,460		5,151		8,062
Net Income	55,700		53,046		58,737		61,275		65,230
Adjustments:
General and administrative expenses	17,579		22,078		24,761		22,659		23,936
Leasing costs	2,279		1,956		1,852		1,326		1,372
Depreciation and amortization	88,031		86,016		85,224		90,362		93,676
Interest income	(13,190)		(10,696)		(7,015)		(3,421)		(1,460)
Interest expense	38,871		32,325		29,837		26,383		25,671
Net Operating Income, as defined (2)	189,270		184,725		193,396		198,584		208,425
Wholly-Owned Properties	167,061		162,348		170,492		176,582		179,500
Consolidated property partnerships: (3)
100 First Street (4)	5,958		6,561		6,782		6,075		6,011
303 Second Street (4)	10,794		10,099		10,243		9,706		17,247
Crossing/900 (5)	5,457		5,717		5,879		6,221		5,667
Net Operating Income, as defined (2)	189,270		184,725		193,396		198,584		208,425
Non-Same Store Net Operating Income (6)	(6,578)		(20,892)		(21,052)		(21,127)		(19,909)
Same Store Net Operating Income	182,692		163,833		172,344		177,457		188,516
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(6,190)		(5,215)		(4,384)		(4,461)		(4,517)
Net effect of straight-line rents	5,443		8,140		617		(1,992)		(1,471)
Amortization of net below market rents	(353)		(422)		(483)		(1,057)		(2,305)
Lease related adjustments	(194)		2,236		(805)		(3,374)		5,679
Other (7)	(1,147)		1,144		432		1,003		436
Same Store Cash Net Operating Income	$	180,251	$	169,716	$	167,721	$	167,576	$	186,338

________________________

(1)The Same Store Portfolio was comprised of 119 properties during the three months ended March 31, 2024. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 115 properties.

(2)Please refer to page 31-33 for a Management Statements on non-GAAP supplemental measures.

(3)Reflects Net Operating Income for all periods presented.

(4)For all periods presented, an unrelated third party entity owned approximately 44% common equity interests in two properties located at 100 First Street and 303 Second Street in San Francisco, CA.

(5)For all periods presented, an unrelated third party entity owned an approximate 7% common equity interest in two properties located at 900 Jefferson Avenue and 900 Middlefield Road in Redwood City, CA.

(6)Includes the results of one office development building added to the stabilized portfolio during the third quarter of 2023, one office development building added to the stabilized portfolio during the fourth quarter of 2023 and our in-process and future development projects.

(7)Includes revenue reversals (recoveries) related to tenant creditworthiness and other.

38

Q1 2024 Supplemental Financial Report

Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income, continued

(unaudited, $ in thousands)

	Three Months Ended (1)
	12/31/2022		9/30/2022		6/30/2022		3/31/2022
Net Income Available to Common Stockholders	$	52,625	$	79,757	$	47,105	$	53,128
Net income attributable to noncontrolling common units of the Operating Partnership	588		664		515		516
Net income attributable to noncontrolling interests in consolidated property partnerships	6,262		6,239		6,355		5,739
Net Income	59,475		86,660		53,975		59,383
Adjustments:
General and administrative expenses	25,217		23,524		22,120		22,781
Leasing costs	1,404		1,015		1,447		1,013
Depreciation and amortization	91,396		81,140		96,415		88,660
Interest income	(1,264)		(295)		(125)		(81)
Interest expense	23,550		19,982		20,121		20,625
Gain on sale of depreciable operating property	—		(17,329)		—		—
Net Operating Income, as defined (2)	199,778		194,697		193,953		192,381
Wholly-Owned Properties	174,983		170,166		168,721		168,431
Consolidated property partnerships: (3)
100 First Street (4)	6,116		5,791		5,745		5,922
303 Second Street (4)	12,702		12,941		13,333		12,000
Crossing/900 (5)	5,977		5,799		6,154		6,028
Net Operating Income, as defined (2)	199,778		194,697		193,953		192,381
Non-Same Store Net Operating Income (6)	(16,435)		(13,335)		(12,239)		(10,440)
Same Store Net Operating Income	183,343		181,362		181,714		181,941
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(4,607)		(4,646)		(4,631)		(4,009)
Net effect of straight-line rents	(3,689)		(6,992)		(12,183)		(15,730)
Amortization of net below market rents	(2,287)		(2,520)		(2,720)		(2,872)
Lease related adjustments	(2,010)		(194)		401		706
Other (7)	1,008		400		530		151
Same Store Cash Net Operating Income	$	171,758	$	167,410	$	163,111	$	160,187

________________________

(1)Same Store Portfolio as of the comparative 2023 period. For all quarterly periods, the Same Store Portfolio was comprised of 115 properties.

(2)Please refer to page 31-33 for a Management Statements on non-GAAP supplemental measures.

(3)Reflects Net Operating Income for all periods presented.

(4)For all periods presented, an unrelated third party entity owned approximately 44% common equity interests in two properties located at 100 First Street and 303 Second Street in San Francisco, CA.

(5)For all periods presented, an unrelated third party entity owned an approximate 7% common equity interest in two properties located at 900 Jefferson Avenue and 900 Middlefield Road in Redwood City.

(6)Includes the results of one office development building added to the stabilized portfolio during the fourth quarter of 2023 and our in-process and future development projects.

(7)Includes revenue reversals (recoveries) related to tenant creditworthiness and other.

39

Q1 2024 Supplemental Financial Report

Reconciliation of Net Income Available to Common Stockholders to Company's Share of EBITDA, as adjusted

(unaudited, $ in thousands)

	Three Months Ended
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
Net Income Available to Common Stockholders	$	49,920	$	47,284	$	52,762	$	55,587	$	56,608
Interest expense	38,871		32,325		29,837		26,383		25,671
Depreciation and amortization	88,031		86,016		85,224		90,362		93,676
Net income attributable to noncontrolling common units of the Operating Partnership	502		471		515		537		560
Net income attributable to noncontrolling interests in consolidated property partnerships	5,278		5,291		5,460		5,151		8,062
EBITDA, as adjusted (1)	182,602		171,387		173,798		178,020		184,577
EBITDA, as adjusted (1), attributable to noncontrolling interests in consolidated property partnerships	(8,660)		(8,328)		(8,390)		(8,162)		(11,559)
Company's share of EBITDA, as adjusted (1)	$	173,942	$	163,059	$	165,408	$	169,858	$	173,018
Interest income	(13,190)		(10,696)		(7,015)		(3,421)		(1,460)
Company's share of EBITDA, as adjusted less interest income (1)	$	160,752	$	152,363	$	158,393	$	166,437	$	171,558

________________________

(1)Please refer to pages 31-33 for Management Statements on non-GAAP supplemental measures.

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Q1 2024 Supplemental Financial Report

Reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution

(unaudited, $ in thousands)

	Three Months Ended
	3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023
GAAP Net Cash Provided by Operating Activities	$	167,869	$	110,223	$	208,816	$	101,414	$	182,136
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures	(11,763)		(31,411)		(20,519)		(17,850)		(17,766)
Depreciation of non-real estate furniture, fixtures and equipment	(1,571)		(1,614)		(1,706)		(1,889)		(2,005)
Net changes in operating assets and liabilities (1)	(21,554)		39,064		(58,450)		41,727		(20,525)
Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD	(7,553)		(6,705)		(6,246)		(6,981)		(9,625)
Cash adjustments related to investing and financing activities	(100)		(29)		(3,197)		3,125		318
Funds Available for Distribution (2)	$	125,328	$	109,528	$	118,698	$	119,546	$	132,533

_______________________

(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, and rents received in advance and tenant security deposits. 

(2)Please refer to page 31-33 for Management Statements on non-GAAP supplemental measures.

41

EX-99.2

Exhibit 99.2

Contact:	FOR RELEASE:
Eliott Trencher	May 2, 2024
Executive Vice President,
Chief Financial Officer
and Chief Investment Officer
(310) 481-8587
or
Bill Hutcheson
Senior Vice President,
Investor Relations & Capital Markets
(415) 778-5678

KILROY REALTY CORPORATION REPORTS

FIRSTQUARTER FINANCIAL RESULTS

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

LOS ANGELES, May 2, 2024 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its firstquarter ended March 31, 2024.

First Quarter Highlights

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

Leasing and Occupancy

•Stabilized portfolio was 84.2% occupied and 85.7% leased at March 31, 2024

•Signed approximately 400,000 square feet of leases, inclusive of 116,000 square feet of short-term leases, comprised of 161,000 square feet of new leasing on previously vacant space, 79,000 square feet of new leasing on currently occupied space, and 160,000 square feet of renewal leasing

◦GAAP rents increased 8.6% and cash rents decreased 2.9% from prior levels on stabilized leasing, excluding short-term leasing

Balance Sheet / Liquidity

•In January, completed a public offering of $400.0 million of 12-year unsecured senior notes at an interest rate of 6.250% due January 2036

•In March, closed on the recast of the Company’s $1.1 billion unsecured revolving credit facility, which now matures July 31, 2028, before extension options

•In connection with the recast of the unsecured revolving credit facility, paid down the existing $520.0 million unsecured term loan facility by $200.0 million and extended the final maturity on an

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aggregate principal amount of $200.0 million of the remaining $320.0 million by twelve months to October 3, 2027, inclusive of exercising two one-year extension options

•As of March 31, 2024, the Company had approximately $2.0 billion of total liquidity comprised of approximately $0.9 billion of cash and short-term investments and approximately $1.1 billion available under the unsecured revolving credit facility

•In March, established a new $500.0 million “at-the-market” stock offering program

•In March, the Company’s Board of Directors (the “Board”) approved a $500.0 million share repurchase program

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

Net Income Available to Common Stockholders / FFO Guidance and Outlook

The Company is providing an updated Nareit-defined FFO per diluted share guidance for the full year 2024 of $4.15 to $4.30 per share, with a midpoint of $4.23 per share.

	Full Year 2024 Range as of February 2024				Full Year 2024 Range as of May 2024
	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	$	1.45	$	1.61	$	1.46	$	1.61
Weighted average common shares outstanding - diluted (1)	118,000		118,000		118,000		118,000
Net income available to common stockholders	$	171,000	$	190,000	$	172,500	$	190,000
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	1,900		2,000		1,900		2,000
Net income attributable to noncontrolling interests in consolidated property partnerships	20,500		21,000		20,500		21,000
Depreciation and amortization of real estate assets	330,000		330,000		335,000		336,000
Gains on sales of depreciable real estate	—		—		—		—
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(30,000)		(32,000)		(31,000)		(32,000)
Funds From Operations (2)	$	493,400	$	511,000	$	498,900	$	517,000
Weighted average common shares/units outstanding – diluted (3)	120,250		120,250		120,250		120,250
Funds From Operations per common share/unit – diluted (3)	$	4.10	$	4.25	$	4.15	$	4.30

Key Assumptions	February 2024 Assumptions	May 2024 Assumptions
Change in same store cash NOI (4)	(4.0%) to (6.0%)	(3.5%) to (5.5%)
Average full year occupancy	82.5% to 84.0%	82.5% to 84.0%
General and administrative expenses	$72 million to $80 million	$72 million to $80 million
Total development spending (5)	$200 million to $300 million	$200 million to $300 million
Weighted average common shares/units outstanding – diluted (in thousands) (3)	120,250	120,250

 ________________________

(1)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards.

(2)See management statement for Funds From Operations at end of release.

(3)Calculated based on 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.

2

(4)See management statement for Same Store Cash Net Operating Income on page32 of our Supplemental Financial Report furnished on Form 8-K with this press release.

(5)Remaining 2024 development spending is $150 million to $250 million.

The Company’s guidance estimates for the full year 2024, 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 first quarter results and the current business environment during the Company’s May 3, 2024 earnings conference call. The call will begin at 9:00 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=7488a962&confId=58187. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/123531322. It may be necessary to download audio software to hear the conference call. A replay of the conference call will be available via telephone on May 3, 2024 through May 10, 2024by dialing (866) 813-9403 and entering passcode 591632. International callers should dial (929) 458-6194 and enter the same passcode. The replay will also be available on our website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx.

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, the “Company”, “Kilroy”) is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, entertainment, life science, and business services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.

As of March 31, 2024, Kilroy’s stabilized portfolio totaled approximately 17.0 million square feet of primarily office and life science space that was 84.2% occupied and 85.7% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 93.1%. In addition, the Company had two in-process life science redevelopment projects totaling approximately 100,000 square feet with total estimated redevelopment costs of $80.0 million, and one approximately 875,000 square foot in-process development project with a total estimated investment of $1.0 billion.

3

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwel, and ENERGY STAR certifications across the portfolio.

A significant part of the Company’s foundation is its commitment to enhancing employee growth, satisfaction, and wellness while maintaining a diverse and thriving culture. For four consecutive years, the Company has been named to Bloomberg’s Gender Equality Index, which recognizes companies committed to supporting gender equality through policy development, representation, and transparency.

More information is available athttp://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including 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;

4

delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

5

KILROY REALTY CORPORATION

SUMMARY OF QUARTERLY RESULTS

(unaudited; in thousands, except per share data)

	Three Months Ended March 31,
	2024			2023
Revenues	$	278,581		$	292,802
Net income available to common stockholders	$	49,920		$	56,608
Weighted average common shares outstanding – basic	117,338			117,059
Weighted average common shares outstanding – diluted	117,961			117,407
Net income available to common stockholders per share – basic	$	0.42		$	0.48
Net income available to common stockholders per share – diluted	$	0.42		$	0.48
Funds From Operations (1)(2)	$	133,723		$	145,959
Weighted average common shares/units outstanding – basic (3)	119,660			118,818
Weighted average common shares/units outstanding – diluted (4)	120,283			119,165
Funds From Operations per common share/unit – basic (2)	$	1.12		$	1.23
Funds From Operations per common share/unit – diluted (2)	$	1.11		$	1.22
Common shares outstanding at end of period	117,366			117,121
Common partnership units outstanding at end of period	1,151			1,151
Total common shares and units outstanding at end of period	118,517			118,272
	March 31, 2024			March 31, 2023
Stabilized office portfolio occupancy rates: (5)
Los Angeles	76.5		%	80.8		%
San Diego	87.9		%	85.9		%
San Francisco Bay Area	89.9		%	94.7		%
Seattle	83.6		%	95.3		%
Austin	71.5		%	—		%
Weighted average total	84.2		%	89.6		%
Total square feet of stabilized office properties owned at end of period: (5)
Los Angeles	4,338			4,344
San Diego	2,776			2,698
San Francisco Bay Area	6,170			6,164
Seattle	3,000			3,000
Austin	759			—
Total	17,043			16,206

________________________

(1)Reconciliation of Net income available to common stockholders to Funds From Operations available to common stockholders and unitholders and management statement on Funds From Operations are included after the Consolidated Statements of Operations.

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

(3)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. nonvested stock and certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding.

(4)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

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

6

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

	March 31, 2024		December 31, 2023
ASSETS
REAL ESTATE ASSETS:
Land and improvements	$	1,743,170	$	1,743,170
Buildings and improvements	8,479,359		8,463,674
Undeveloped land and construction in progress	2,114,242		2,034,804
Total real estate assets held for investment	12,336,771		12,241,648
Accumulated depreciation and amortization	(2,594,996)		(2,518,304)
Total real estate assets held for investment, net	9,741,775		9,723,344
Cash and cash equivalents	855,007		510,163
Marketable securities	109,513		284,670
Current receivables, net	13,291		13,609
Deferred rent receivables, net	457,494		460,979
Deferred leasing costs and acquisition-related intangible assets, net	226,506		229,705
Right of use ground lease assets	130,026		125,506
Prepaid expenses and other assets, net	65,588		53,069
TOTAL ASSETS	$	11,599,200	$	11,401,045
LIABILITIES AND EQUITY
LIABILITIES:
Secured debt, net	$	601,990	$	603,225
Unsecured debt, net	4,518,297		4,325,153
Accounts payable, accrued expenses and other liabilities	401,892		371,179
Ground lease liabilities	128,966		124,353
Accrued dividends and distributions	65,111		64,440
Deferred revenue and acquisition-related intangible liabilities, net	166,436		173,638
Rents received in advance and tenant security deposits	73,777		79,364
Total liabilities	5,956,469		5,741,352
EQUITY:
Stockholders’ Equity
Common stock	1,174		1,173
Additional paid-in capital	5,208,753		5,205,839
Retained earnings	203,080		221,149
Total stockholders’ equity	5,413,007		5,428,161
Noncontrolling Interests
Common units of the Operating Partnership	53,087		53,275
Noncontrolling interests in consolidated property partnerships	176,637		178,257
Total noncontrolling interests	229,724		231,532
Total equity	5,642,731		5,659,693
TOTAL LIABILITIES AND EQUITY	$	11,599,200	$	11,401,045

7

KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

	Three Months Ended March 31,
	2024		2023
REVENUES
Rental income	$	274,890	$	290,104
Other property income	3,691		2,698
Total revenues	278,581		292,802
EXPENSES
Property expenses	57,320		53,780
Real estate taxes	29,239		28,228
Ground leases	2,752		2,369
General and administrative expenses (1)	17,579		23,936
Leasing costs	2,279		1,372
Depreciation and amortization	88,031		93,676
Total expenses	197,200		203,361
OTHER INCOME (EXPENSES)
Interest income	13,190		1,460
Interest expense	(38,871)		(25,671)
Total other expenses	(25,681)		(24,211)
NET INCOME	55,700		65,230
Net income attributable to noncontrolling common units of the Operating Partnership	(502)		(560)
Net income attributable to noncontrolling interests in consolidated property partnerships	(5,278)		(8,062)
Total income attributable to noncontrolling interests	(5,780)		(8,622)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	49,920	$	56,608
Weighted average shares of common stock outstanding – basic	117,338		117,059
Weighted average shares of common stock outstanding – diluted	117,961		117,407
Net income available to common stockholders per share – basic	$	0.42	$	0.48
Net income available to common stockholders per share – diluted	$	0.42	$	0.48

________________________

(1)The three months ended March 31, 2023 includes $3.2 million of retirement costs for our former CEO and former President, primarily comprised of accelerated stock compensation expense.

8

KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

	Three Months Ended March 31,
	2024		2023
Net income available to common stockholders	$	49,920	$	56,608
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	502		560
Net income attributable to noncontrolling interests in consolidated property partnerships	5,278		8,062
Depreciation and amortization of real estate assets	86,460		91,671
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(8,437)		(10,942)
Funds From Operations(1)(2)(3)	$	133,723	$	145,959
Weighted average common shares/units outstanding – basic (4)	119,660		118,818
Weighted average common shares/units outstanding – diluted (5)	120,283		119,165
Funds From Operations per common share/unit – basic (2)	$	1.12	$	1.23
Funds From Operations per common share/unit – diluted (2)	$	1.11	$	1.22

 ________________________

(1)We calculate Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

We believe that FFO is a useful supplemental measure of our 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 our 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, our 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, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our 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.

However, FFO should not be viewed as an alternative measure of our operating performance because 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 our properties, which are significant economic costs and could materially impact our results from operations.

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

(3)FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $6.5 million and $5.2 million for the three months ended March 31, 2024 and 2023, respectively.

(4)Calculated based on weighted average shares outstanding, including participating share-based awards (i.e. certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding.

(5)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

9

XML

Cover Page Cover Page	May 02, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 02, 2024
Entity Registrant Name	KILROY REALTY CORP
Entity Incorporation, State or Country Code	MD
Entity File Number	001-12675
Entity Tax Identification Number	95-4598246
Entity Central Index Key	0001025996
Amendment Flag	false
Entity Address, Address Line One	12200 W. Olympic Boulevard
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90064
City Area Code	310
Local Phone Number	481-8400
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Trading Symbol	KRC
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false