KILROY REALTY CORP

Number ofBuildings · RentableSquare Feet · Number ofTenants · Percentage Occupied (1)

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(1)Represents economic occupancy for space where we have achieved revenue recognition for the associated lease agreements.

Number ofProperties · Number of Units · 2025 Average Occupancy

Our stabilized portfolio includes all of our properties with the exception of development and redevelopment properties currently committed for construction, under construction, or in the tenant improvement phase, undeveloped land, and real estate assets held for sale, if any. We define redevelopment properties as those properties for which we expect to spend significant development and construction costs pursuant to a formal plan to change its use, the intended result of which is a higher economic return on the property. We define a property in the tenant improvement phase as a development or redevelopment property where the project has reached “cold shell condition” and is ready for tenant improvements, which may require additional major base building modifications before being placed in service. Projects in the tenant improvement phase are moved into our stabilized portfolio once the project reaches the earlier of 95% occupancy or one year from the date of the cessation of major base building construction activities. Costs capitalized to construction in progress for development and redevelopment properties are transferred to land and improvements, buildings and improvements, and deferred leasing costs on our consolidated balance sheets as the projects or phases of projects are placed in service.

(1)For the property classified as held for sale, represents actual rentable square feet and consists of three buildings. For the in-process development project in the tenant improvement phase, represents estimated rentable square feet upon completion.

(2)See Note 4 “Dispositions and Held For Sale” to our consolidated financial statements included in this report for additional information.

Our stabilized portfolio also excludes our future development pipeline, which as of December 31, 2025, was comprised of eight potential future development sites.

As of December 31, 2025, all of our properties and development and redevelopment projects, and all of our business was conducted in the state of California with the exception of ten stabilized office properties and one future development project located in the state of Washington, and one stabilized office property and one future development project located in Austin, Texas. All of our properties and development and redevelopment projects are 100% owned, excluding four office properties owned by three consolidated property partnerships.

We own our interests in all of our real estate assets through the Operating Partnership. All our properties are held in fee, except for the fourteen office buildings that are held subject to five long-term ground leases for the land (see Note 17 “Commitments and Contingencies” to our consolidated financial statements included in this report for additional information regarding our ground lease obligations).

In general, our office properties are leased to tenants on a full service gross, modified gross, or triple net basis. Under a full service gross lease, we are obligated to pay the tenant’s proportionate share of real estate taxes, insurance, and operating expenses up to the amount incurred during the tenant’s first year of occupancy (“Base Year”). The tenant pays its pro-rata share of increases in expenses above the Base Year. A modified gross lease is similar to a full service gross lease, except tenants are obligated to pay their proportionate share of certain operating expenses, usually electricity, directly to the service provider. In addition, some office and life science properties, primarily in Seattle and Austin and certain properties in certain submarkets in the San Francisco Bay Area, San Diego, and Los Angeles, are leased to tenants on a triple net basis, pursuant to which the tenants pay their proportionate share of real estate taxes, operating costs, and utility costs. At December 31, 2025, 46% of our properties were leased to tenants on a triple net basis, 26% of our properties were leased to tenants on a modified gross basis, and 22% of our properties were leased to tenants on a full service gross basis, and 6% of our properties were leased to tenants on a modified net basis, in each case as a percentage of our annualized base rental revenue.

We believe that all of our properties are well maintained and do not require significant capital improvements. As of December 31, 2025, all of our stabilized office properties, excluding our three residential properties, were managed through internal property managers.

Commercial Real Estate Properties

The following table sets forth certain information relating to each of the stabilized properties, excluding our stabilized residential properties, owned as of December 31, 2025:

Property Location · No. ofBuildings · Year Built / Renovated · RentableSquare Feet · PercentageOccupied (1) · AnnualizedBase Rent(in thousands) (2) · Annualized Rent Per Square Foot (2)

335-345 North Maple Drive,Beverly Hills, California · 1 · 1987 /2017 · 306,366 · 77.5 · 18,322 · 78.53

3101-3243 S. La Cienega Boulevard,Culver City, California · 19 · 2008-2017 · 166,207 · 43.6 · 4,764 · 66.32

2240 East Imperial Highway, El Segundo, California · 1 · 1983 / 2008 · 122,870 · 100.0 · 3,713 · 30.21

2250 East Imperial Highway, El Segundo, California · 1 · 1983 · 298,728 · 37.7 · 3,346 · 30.05

2260 East Imperial Highway, El Segundo, California · 1 · 1983 / 2012 · 298,728 · 100.0 · 9,026 · 30.21

909 North Pacific Coast Highway, El Segundo, California · 1 · 1972 / 2005 · 244,880 · 67.4 · 6,451 · 39.76

• Real estate assets are illiquid, and we may not be able to sell our properties when we desire.
• There are significant risks associated with property acquisitions as well as development and redevelopment.
• Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers' financial condition, and disputes between us and our co-venturers, and could expose us to potential liabilities and losses.
• We own certain properties subject to ground leases and other restrictive agreements that limit our uses of the properties, restrict our ability to sell or otherwise transfer the properties, and expose us to the loss of the properties if such agreements are breached by us, terminated, or not renewed.
• We may invest in securities related to real estate, which could adversely affect us.
• We face risks associated with short-term liquid investments.
• Our property taxes could increase due to reassessment or property tax rate changes.
• Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting.
• We face risks associated with perceived or actual security breaches, cyberattacks, cyber intrusions, and other significant disruptions of our information technology ("IT") systems, operational technology ("OT") systems, networks and related systems, including those of our third‑party service providers.
• We face risks associated with compliance with ever evolving federal and state laws relating to the handling of information about individuals, which involves significant expenditure and resources, and any failure by us or our vendors to comply may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect us.
• Loss of key executive officers or our inability to successfully transition key executive officers could harm our operations and financial performance, and adversely affect the quoted trading price of our securities.
• We could be adversely affected by labor disputes, strikes, or other union job actions.
• Risks Related to Our Indebtedness
• We may not be able to meet our debt service obligations.
• The covenants in the agreements governing the Operating Partnership’s unsecured revolving credit facility, unsecured term loan facility, and note purchase agreements may limit our ability to make distributions to the holders of our common stock.
• A downgrade in our credit ratings could materially adversely affect us.
• We are not limited in our ability to incur debt.
• An increase in interest rates would increase our interest costs on variable rate debt and new debt, and could adversely affect our ability to refinance existing debt, conduct development, redevelopment, and acquisition activity, and recycle capital.
• Risks Related to Our Organizational Structure
• Our growth depends on external sources of capital that are outside of our control and the inability to obtain capital on terms that are acceptable to us, or at all, could adversely affect us.
• Our common limited partners have limited approval rights, which may prevent us from completing a change of control transaction that may be in the best interests of all our security holders.
• There are restrictions on the ownership of the Company’s capital stock that limit the opportunities for a change of control at a premium to existing security holders.
• The Company’s charter contains provisions that may delay, deter, or prevent a change of control transaction.
• The Board of Directors may change investment and financing policies without stockholder or unitholder approval.
• We may issue additional common units and shares of capital stock without unitholder or stockholder approval, as applicable, which may dilute unitholder or stockholder investment.
• Sales of a substantial number of shares of the Company’s securities, or the perception that this could occur, could result in decreasing the quoted trading price per share of the Company’s common stock and of the Operating Partnership’s publicly-traded notes.
• Risks Related to Taxes and the Company’s Status as a REIT
• Loss of the Company’s REIT status would have significant adverse consequences to us and the value of the Company’s common stock.
• To maintain the Company’s REIT status, we may be forced to borrow funds during unfavorable market conditions.
• If a transaction intended to qualify as a Section 1031 Exchange is later determined to be taxable or if we are unable to identify and complete the acquisition of a suitable replacement property to effect a Section 1031 Exchange, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis.
• Dividends payable by REITs, including the Company, generally do not qualify for the reduced tax rates available for some dividends.
• The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.
• Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
• Legislative or regulatory action could adversely affect our stockholders or us.