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): February 10, 2025

KILROY REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	001-12675	95-4598246
(State or other jurisdiction of<br>incorporation or organization)	(Commission File No.)	(I.R.S. Employer<br>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 February 10, 2025, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter and full year ended December 31, 2024 and distributed certain supplemental financial information. On February 10, 2025, 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 and full year ended December 31, 2024 and distributed certain supplemental information. On February 10, 2025, 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 endedDecember31, 2024
99.2*	Press Release datedFebruary10, 2025regardingfourthquarter 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: February 10, 2025
	By:	/s/ Merryl E. Werber
		Merryl E. Werber<br>Senior Vice President, <br>Chief Accounting Officer and Controller

Document

Q4 2024 Supplemental Financial Report

KILROY REALTY CORPORATION REPORTS

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

---

Strong Fourth Quarter Leasing Performance Results in Highest Quarterly and Annual Leasing Volumes Since 2019

LOS ANGELES, February 10, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2024.

“Leasing activity meaningfully accelerated to more than 700,000 square feet in the fourth quarter, underscoring the recovery that we are seeing play out across our West Coast markets,” commented Angela Aman, CEO. “In addition to leasing execution, the team has remained active across all facets of our business, continuing our efforts to monetize significant components of our future land bank, selling our corporate aircraft, and, in January, successfully completing the development of Kilroy Oyster Point Phase 2. We are well positioned to capitalize on continued improvements in the leasing and transaction environments as we execute in 2025.”

Fourth Quarter Highlights

Financial Results

•Revenues of $286.4 million for the quarter ended December 31, 2024, as compared to $269.0 million for the quarter ended December 31, 2023

•Net income available to common stockholders of $59.5 million, or $0.50 per diluted share, for the quarter ended December 31, 2024 as compared to $47.3 million, or $0.40 per diluted share, for the quarter ended December 31, 2023

•Funds from operations (“FFO”) of $144.9 million, or $1.20 per diluted share, for the quarter ended December 31, 2024 as compared to $129.3 million, or $1.08 per diluted share, for the quarter ended December 31, 2023

Leasing and Occupancy

•Stabilized portfolio was 82.8% occupied and 84.9% leased at December 31, 2024

•During the quarter, signed approximately 708,000 square feet of leases, the highest quarterly leasing volume achieved since the fourth quarter of 2019

◦Leasing activity was comprised of 206,000 square feet of new leasing on previously vacant space, 356,000 square feet of new leasing on currently occupied space, and 146,000 square feet of renewal leasing

▪Includes 20,000 square feet of short-term leasing, primarily comprised of 14,000 square feet of short-term renewal leasing

•GAAP rents on leases signed during the quarter increased 3.4% and cash rents decreased 8.6% from prior levels on second generation leasing, excluding short-term leasing

Investment Activity

•In December 2024, committed to invest in a PropTech venture capital fund managed by Fifth Wall. This investment highlights the Company’s commitment to driving efficiencies throughout the portfolio by leveraging technology and the Company’s significant scale in its markets

Sale of Long-Lived Asset

•In November 2024, sold the Company’s corporate aircraft for gross proceeds of $19.8 million, which resulted in a gain on sale of approximately $6.0 million, or $0.05 per diluted share

Balance Sheet

•In December 2024, repaid the aggregate remaining principal balance of $403.7 million of senior unsecured senior notes on the maturity date

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Q4 2024 Supplemental Financial Report

Dividend

•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on January 9, 2025 to stockholders of record on December 31, 2024 (the ex-dividend date)

Full Year Highlights

Financial Results

•Revenues of $1,135.6 million for the year ended December 31, 2024, as compared to $1,129.7 million for the year ended December 31, 2023

•Net income available to common stockholders of $211.0 million, or $1.77 per diluted share, for the year ended December 31, 2024, as compared to $212.2 million, or $1.80 per diluted share for the year ended December 31, 2023

•Funds from operations (“FFO”) of $551.6 million, or $4.59 per diluted share, for the year ended December 31, 2024 as compared to $551.1 million, or $4.62 per diluted share, for the year ended December 31, 2023

Leasing and Occupancy

•During the year, signed approximately 1,778,000 square feet of leases, the highest annual leasing volume since 2019

◦Leasing activity was comprised of 536,000 square feet of new leasing on previously vacant space, 528,000 square feet of new leasing on currently occupied space, and 714,000 square feet of renewal leasing

▪Includes 361,000 square feet of short-term leasing, primarily comprised of 247,000 square feet of short-term renewal leasing

•During the quarter ended June 30, 2024, DermTech filed for bankruptcy and rejected its lease and, during the quarter ended September 30, 2024, the Company executed a 110,000 square foot short-term lease with the successor entity to facilitate DermTech’s interim operations. This lease has been excluded from the leasing productivity statistics above

•GAAP rents on leases signed during the year increased 8.2% and cash rents decreased 4.5% from prior levels on second generation leasing, excluding short-term leasing

Acquisition Activity

•During the third quarter of 2024, completed the acquisition of Junction at Del Mar, an approximately 104,000 square foot office property, comprised of two buildings in the Del Mar submarket of San Diego, for $35.0 million. The buildings are located adjacent to the Company’s One Paseo mixed-use project

Liquidity

•As of December 31, 2024, the Company had approximately $1.3 billion of total liquidity comprised of approximately $0.2 billion of cash and cash equivalents and approximately $1.1 billion available under the fully undrawn unsecured revolving credit facility

Sustainability and Corporate Social Responsibility

•During the year:

◦Achieved carbon neutral operations across the portfolio for the fifth consecutive year

◦Increased capacity from on-site solar at Company properties to over six megawatts of clean electricity

◦Listed on the U.S. EPA’s National Top 100 List of largest green power users

◦Awarded the ENERGY STAR Partner of the Year Sustained Excellence Award for the ninth consecutive year

◦Earned the highly competitive GRESB 5 Star designation for both Standing Assets and Development

◦Achieved 680,000 square feet of new ENERGY STAR certifications across the portfolio, bringing the total to over 10 million square feet of ENERGY STAR certified space

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Q4 2024 Supplemental Financial Report

Recent Developments

•In January, received a temporary certificate of occupancy and progressed Kilroy Oyster Point Phase 2 from the under construction phase to the tenant improvement phase

iii

Q4 2024 Supplemental Financial Report

Net Income Available to Common Stockholders / FFO Guidance and Outlook

The Company expects Nareit FFO for the full year 2025 of $3.85 to $4.05 per diluted share. In addition to the assumptions detailed below, 2025 guidance assumes a range of outcomes tied to the capitalization of interest expense and other carry costs related to future development projects and no impact from 2025 capital recycling activities.

Key Assumptions	2025 Guidance
Same Store Net Operating Income (“NOI”) growth (1) (2)	(1.5%) to (3.0%)
Average full year occupancy	80% to 82%
GAAP lease termination fee income	+/- $3 million
Non-Cash GAAP NOI adjustments (3)	$2 million to $5 million
General and administrative and Leasing costs	$83 million to $85 million
Interest income	+/- $6 million
Total development spending (4)	$100 million to $200 million
	Full Year 2025 Range
---	---	---
		Low End	High End
		and shares/units in thousands, except per share/unit amounts
Net income available to common stockholders per share - diluted			$	1.22
Weighted average common shares outstanding - diluted (5)		118,775	118,775
Net income available to common stockholders			$	145,000
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership		1,350	1,450
Net income attributable to noncontrolling interests in consolidated property partnerships		21,000	21,500
Depreciation and amortization of real estate assets		350,000	350,000
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships		(29,250)	(30,750)
Funds From Operations (2)			$	487,200
Weighted average common shares/units outstanding – diluted (6)		120,400	120,400
Nareit Funds From Operations per common share/unit – diluted (2)			$	4.05

All values are in US Dollars. ________________________

(1)Beginning January 1, 2025, lease termination fee income will be excluded from the Company’s definition of NOI. Same Store NOI growth guidance for 2025 excludes the impact of lease termination fee income.

(2)For additional information, please refer to Management Statements on Non-GAAP Supplemental Measures on pages 32-34.

(3)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Net effect of straight-line rents, Amortization of net below market rents, and Lease related adjustments and other.

(4)Represents cash funding of development projects, including certain amounts accrued for as of December 31, 2024.

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

iv

Q4 2024 Supplemental Financial Report

(6)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2025, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss fourth quarter results and the current business environment during the Company’s February 11, 2025 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://www.netroadshow.com/events/login?show=5a66c71e&confId=76271. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/981389424. It may be necessary to download audio software to hear the conference call.

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Q4 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
2024 Operating Property Acquisitions	22
Consolidated Ventures (Noncontrolling Property Partnerships)	23
Development
In-Process Development & Redevelopment	25
Future Development Pipeline	26
Debt and Capitalization Data
Capital Structure	28
Debt Analysis	29-30
Non-GAAP Supplemental Measures	32-34
Definitions & Reconciliations	36-42

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: Mathilda Campus, Sunnyvale, CA | 360 Third Street, San Francisco, CA | Sunset Media Center, Hollywood, 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

Q4 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 December 31, 2024, the Company’s stabilized portfolio comprised of 123 buildings encompassing an aggregate of approximately 17.1 million square feet of primarily office and life science space that was 82.8% occupied and 84.9% leased. The Company also has 1,001 residential units in the Los Angeles and San Diego regions, which had an average occupancy of 92.2% for the quarter ended December 31, 2024.

Board of Directors		Executive and Senior Management Team		Investor Relations
Edward F. Brennan, PhD	Chair	Angela M. Aman	Chief Executive Officer	12200 W. Olympic Blvd., Suite 200<br>Los Angeles, CA 90064<br>(310) 481-8400<br>Web: www.kilroyrealty.com<br>E-mail: investorrelations@kilroyrealty.com
Angela M. Aman		Justin W. Smart	President
Daryl J. Carter		Jeffrey R. Kuehling	EVP, Chief Financial Officer and Treasurer
Jolie A. Hunt		John A. Osmond	EVP, Head of Asset Management
Scott S. Ingraham		A. Robert Paratte	EVP, Chief Leasing Officer
Louisa G. Ritter		Heidi R. Roth	EVP, Chief Administrative Officer
Gary R. Stevenson		Lauren N. Stadler	EVP, General Counsel and Secretary	Doug S. Bettisworth	Senior Director, Corporate Finance
Peter B. Stoneberg		Eliott L. Trencher	EVP, Chief Investment Officer
		Merryl E. Werber	SVP, Chief Accounting Officer and Controller				Equity Research Coverage
---	---	---	---
Barclays		Green Street Advisors
Brendan Lynch	(212) 526-9428	Dylan Burzinski	(949) 640-8780
BofA Securities		J.P. Morgan
Jeffrey Spector	(646) 855-1363	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	(410) 662-2556
Goldman Sachs & Co. LLC		Wolfe Research
Caitlin Burrows	(212) 902-4736	Andrew Rosivach	(646) 582-9250

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.

Q4 2024 Supplemental Financial Report

Financial Highlights

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

	Three Months Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
INCOME ITEMS:
Revenues	$	286,379		$	289,938		$	280,731		$	278,581		$	269,016
Capitalized Interest and Debt Costs	21,312			20,827			20,515			19,807			21,510
Cash Lease Termination Fees (1)	10			50			2,465			3,851			3,437
EARNINGS METRICS:
Net Income Available to Common Stockholders	$	59,460		$	52,378		$	49,211		$	49,920		$	47,284
Net Operating Income (2)	196,114			196,691			189,447			189,270			184,725
EBITDA, as adjusted (3)	181,421			185,960			178,461			182,602			171,387
Company's Share of EBITDA, as adjusted (3)	173,578			178,475			170,860			173,942			163,059
Company's Share of EBITDA, as adjusted less interest income (3)	168,788			168,787			160,776			160,752			152,363
Funds From Operations (4)	144,875			140,448			132,587			133,723			129,257
Funds Available for Distribution (4)	109,087			96,820			114,834			125,328			109,528
PER SHARE INFORMATION (5):
Net Income Available to Common Stockholders per common share – diluted	$	0.50		$	0.44		$	0.41		$	0.42		$	0.40
Funds From Operations per common share – diluted (4)	1.20			1.17			1.10			1.11			1.08
Dividends declared per common share	0.54			0.54			0.54			0.54			0.54
RATIOS (6):
Net Operating Income Margin (2)	68.5		%	67.8		%	67.5		%	67.9		%	68.7		%
Net Debt to Company's Share of EBITDA, as adjusted Ratio (3)(7)	6.4x			6.4x			6.4x			6.3x			6.2x
Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio (3)(7)	6.8x			6.9x			6.8x			6.6x			6.5x
Fixed Charge Coverage Ratio - Net Income	1.3x			1.1x			1.0x			1.0x			1.0x
Fixed Charge Coverage Ratio - EBITDA, as adjusted (3)	3.5x			3.4x			3.3x			3.3x			3.4x
Net Income Payout Ratio	99.0		%	111.6		%	117.3		%	114.9		%	120.5		%
FFO / FAD Payout Ratio (4)	44.4% / 59.0%			45.8% / 66.5%			48.3% / 55.7%			47.9% / 51.1%			49.5% / 58.4%
STABILIZED PORTFOLIO INFORMATION:
Change in Same Store Net Operating Income (8)	4.5		%	1.5		%	(5.7)		%	(9.4)		%	(10.6)		%
Change in Same Store Cash Net Operating Income (8)	0.7		%	2.7		%	0.2		%	(7.2)		%	(1.2)		%
Period End Occupancy Percentage	82.8		%	84.3		%	83.7		%	84.2		%	85.0		%
Period End Leased Percentage	84.9		%	85.8		%	85.4		%	85.7		%	86.4		%
Lease Composition (Net / Gross) (9)	52% / 48%			51% / 49%			51% / 49%			51% / 49%			51% / 49%

________________________

Note: Definitions for commonly used terms in this Supplemental Financial Report are on pages 36-38 “Definitions Included in Supplemental.” Refer to pages 32-34 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 39 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.

(3)Please refer to page 41 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 42 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 30 for the calculation of this ratio.

(8)Calculated as the change over the same prior year period. For all quarterly periods in 2024, the Same Store Portfolio was comprised of 119 properties. For the fourth quarter of 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.

Q4 2024 Supplemental Financial Report

Consolidated Balance Sheets

(unaudited, $ in thousands)

	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
ASSETS:
Land and improvements	$	1,750,820	$	1,750,820	$	1,743,170	$	1,743,170	$	1,743,170
Buildings and improvements	8,598,751		8,573,332		8,501,976		8,479,359		8,463,674
Undeveloped land and construction in progress	2,309,624		2,254,628		2,207,180		2,114,242		2,034,804
Total real estate assets held for investment	12,659,195		12,578,780		12,452,326		12,336,771		12,241,648
Accumulated depreciation and amortization	(2,824,616)		(2,747,494)		(2,671,141)		(2,594,996)		(2,518,304)
Total real estate assets held for investment, net	9,834,579		9,831,286		9,781,185		9,741,775		9,723,344
Cash and cash equivalents	165,690		625,395		835,893		855,007		510,163
Marketable securities	27,965		27,144		32,648		109,513		284,670
Current receivables, net	11,033		11,218		10,229		13,291		13,609
Deferred rent receivables, net	451,996		455,613		458,177		457,494		460,979
Deferred leasing costs and acquisition-related intangible assets, net	225,937		226,991		220,485		226,506		229,705
Right of use ground lease assets	129,222		129,492		129,760		130,026		125,506
Prepaid expenses and other assets, net	51,935		73,495		75,379		65,588		53,069
TOTAL ASSETS	$	10,898,357	$	11,380,634	$	11,543,756	$	11,599,200	$	11,401,045
LIABILITIES AND EQUITY:
Liabilities:
Secured debt, net	$	598,199	$	599,478	$	600,741	$	601,990	$	603,225
Unsecured debt, net	3,999,566		4,401,678		4,519,796		4,518,297		4,325,153
Accounts payable, accrued expenses and other liabilities	285,011		354,785		361,759		401,892		371,179
Ground lease liabilities	128,422		128,606		128,787		128,966		124,353
Accrued dividends and distributions	64,850		64,844		65,118		65,111		64,440
Deferred revenue and acquisition-related intangible liabilities, net	142,437		151,670		160,284		166,436		173,638
Rents received in advance and tenant security deposits	71,003		71,033		73,013		73,777		79,364
Total liabilities	5,289,488		5,772,094		5,909,498		5,956,469		5,741,352
Equity:
Stockholders’ Equity
Common stock	1,181		1,181		1,174		1,174		1,173
Additional paid-in capital	5,209,653		5,203,195		5,216,699		5,208,753		5,205,839
Retained earnings	171,212		175,962		187,796		203,080		221,149
Total stockholders’ equity	5,382,046		5,380,338		5,405,669		5,413,007		5,428,161
Noncontrolling Interests
Common units of the Operating Partnership	52,472		52,441		52,985		53,087		53,275
Noncontrolling interests in consolidated property partnerships	174,351		175,761		175,604		176,637		178,257
Total noncontrolling interests	226,823		228,202		228,589		229,724		231,532
Total equity	5,608,869		5,608,540		5,634,258		5,642,731		5,659,693
TOTAL LIABILITIES AND EQUITY	$	10,898,357	$	11,380,634	$	11,543,756	$	11,599,200	$	11,401,045
Q4 2024 Supplemental Financial Report
---

Consolidated Statements of Operations

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

	Three Months Ended										Twelve Months Ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023			12/31/2024		12/31/2023
REVENUES
Rental income	$	281,355	$	285,951	$	275,919	$	274,890	$	265,643		$	1,118,115	$	1,117,737
Other property income	5,024		3,987		4,812		3,691		3,373			17,514		11,957
Total revenues	286,379		289,938		280,731		278,581		269,016			1,135,629		1,129,694
EXPENSES
Property expenses	63,249		63,593		59,279		57,320		60,731			243,441		228,964
Real estate taxes	24,026		26,677		29,009		29,239		21,000			108,951		105,868
Ground leases	2,990		2,977		2,996		2,752		2,560			11,715		9,732
General and administrative expenses (1)	17,470		18,066		18,951		17,579		22,078			72,066		93,434
Leasing costs	2,013		2,353		2,119		2,279		1,956			8,764		6,506
Depreciation and amortization	89,121		91,879		87,151		88,031		86,016			356,182		355,278
Total expenses	198,869		205,545		199,505		197,200		194,341			801,119		799,782
OTHER INCOME (EXPENSES)
Interest income	4,790		9,688		10,084		13,190		10,696			37,752		22,592
Interest expense	(33,245)		(36,408)		(36,763)		(38,871)		(32,325)			(145,287)		(114,216)
Gain on sale of long-lived assets (2)	5,979		—		—		—		—			5,979		—
Total other expenses	(22,476)		(26,720)		(26,679)		(25,681)		(21,629)			(101,556)		(91,624)
NET INCOME	65,034		57,673		54,547		55,700		53,046			232,954		238,288
Net income attributable to noncontrolling common units of the Operating Partnership	(593)		(509)		(458)		(502)		(471)			(2,062)		(2,083)
Net income attributable to noncontrolling interests in consolidated property partnerships	(4,981)		(4,786)		(4,878)		(5,278)		(5,291)			(19,923)		(23,964)
Total income attributable to noncontrolling interests	(5,574)		(5,295)		(5,336)		(5,780)		(5,762)			(21,985)		(26,047)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	59,460	$	52,378	$	49,211	$	49,920	$	47,284		$	210,969	$	212,241
Weighted average common shares outstanding – basic	118,047		117,830		117,375		117,338		117,240			117,649		117,160
Weighted average common shares outstanding – diluted	118,759		118,244		117,663		117,961		117,816			118,157		117,506
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE
Net income available to common stockholders per share – basic	$	0.50	$	0.44	$	0.41	$	0.42	$	0.40		$	1.78	$	1.80
Net income available to common stockholders per share – diluted	$	0.50	$	0.44	$	0.41	$	0.42	$	0.40		$	1.77	$	1.80

_______________________

(1)The three months and year ended December 31, 2023 includes $4.9 million and $17.0 million, respectively, of retirement costs for our former CEO and former President, primarily comprised of accelerated stock compensation expense.

(2)During the year ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.

Q4 2024 Supplemental Financial Report

Funds From Operations and Funds Available for Distribution

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

	Three Months Ended										Twelve Months Ended
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023			12/31/2024		12/31/2023
FUNDS FROM OPERATIONS (1):
Net income available to common stockholders	$	59,460	$	52,378	$	49,211	$	49,920	$	47,284		$	210,969	$	212,241
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	593		509		458		502		471			2,062		2,083
Net income attributable to noncontrolling interests in consolidated property partnerships	4,981		4,786		4,878		5,278		5,291			19,923		23,964
Depreciation and amortization of real estate assets	87,536		90,243		85,589		86,460		84,402			349,828		348,064
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(7,695)		(7,468)		(7,549)		(8,437)		(8,191)			(31,149)		(35,236)
Funds From Operations (1)	$	144,875	$	140,448	$	132,587	$	133,723	$	129,257		$	551,633	$	551,116
Weighted average common shares/units outstanding – basic (2)	119,521		119,702		120,034		119,660		118,896			119,729		118,895
Weighted average common shares/units outstanding – diluted (2)	120,234		120,115		120,322		120,283		119,473			120,236		119,241
FFO per common share/unit – basic (1)	$	1.21	$	1.17	$	1.10	$	1.12	$	1.09		$	4.61	$	4.64
FFO per common share/unit – diluted (1)	$	1.20	$	1.17	$	1.10	$	1.11	$	1.08		$	4.59	$	4.62
FUNDS AVAILABLE FOR DISTRIBUTION (1):
Funds From Operations (1)	$	144,875	$	140,448	$	132,587	$	133,723	$	129,257		$	551,633	$	551,116
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures	(33,089)		(25,662)		(22,069)		(11,763)		(31,411)			(92,583)		(87,546)
Amortization of deferred revenue related to tenant-funded tenant<br><br>improvements (3)	(4,065)		(4,213)		(4,358)		(6,502)		(5,717)			(19,138)		(20,697)
Net effect of straight-line rents	3,667		2,615		(634)		3,536		5,143			9,184		(8,578)
Amortization of net below market rents (4)	(846)		(885)		(886)		(904)		(973)			(3,521)		(6,648)
Amortization of deferred financing costs and net debt discount/premium	1,650		1,926		1,560		1,757		1,279			6,893		5,200
Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (5)	4,443		(12,389)		5,889		3,381		8,498			1,324		36,858
Lease related adjustments and other (6)	(2,359)		(7,226)		830		1,216		1,966			(7,539)		4,921
Gain on sale of long-lived assets (7)	(5,979)		—		—		—		—			(5,979)		—
Adjustments attributable to noncontrolling interests in consolidated property partnerships	790		2,206		1,915		884		1,486			5,795		5,679
Funds Available for Distribution (1)	$	109,087	$	96,820	$	114,834	$	125,328	$	109,528		$	446,069	$	480,305

________________________

(1)Please refer to pages 32-34 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. Diluted amounts per share also include non-participating share-based awards and the dilutive impact of contingently issuable shares.

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

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

(5)The three months ended September 30, 2024 and year ended December 31, 2024 include $17.1 million of cash retirement payments to our former CEO.

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

(7)During the year ended December 31, 2024, the Company sold its corporate aircraft for a sales price of $19.8 million and recognized a gain on sale of approximately $6.0 million.

Q4 2024 Supplemental Financial Report

Net Operating Income

(unaudited, $ in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2024		2023		% Change		2024		2023		% Change
Operating Revenues:
Rental income (1)	$	233,734	$	223,835	4.4	%	$	920,917	$	933,492	(1.3)	%
Tenant reimbursements (1)	47,621		41,808		13.9	%	197,198		184,245		7.0	%
Other property income	5,024		3,373		48.9	%	17,514		11,957		46.5	%
Total operating revenues	286,379		269,016		6.5	%	1,135,629		1,129,694		0.5	%
Operating Expenses:
Property expenses	63,249		60,731		4.1	%	243,441		228,964		6.3	%
Real estate taxes	24,026		21,000		14.4	%	108,951		105,868		2.9	%
Ground leases	2,990		2,560		16.8	%	11,715		9,732		20.4	%
Total operating expenses	90,265		84,291		7.1	%	364,107		344,564		5.7	%
Net Operating Income (2)	$	196,114	$	184,725	6.2	%	$	771,522	$	785,130	(1.7)	%

________________________

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

(2)Please refer to page 32-34 for Management Statements on non-GAAP supplemental measures and page 39 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.

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

–2024 Operating Property Acquisitions

–Consolidated Ventures (Noncontrolling Property Partnerships)

Q4 2024 Supplemental Financial Report

Same Store Analysis

(unaudited, $ in thousands)

		Three Months Ended December 31,								Year Ended December 31,
		2024			2023			% Change		% Contribution		2024			2023			% Change		% Contribution
	Total Same Store Portfolio (1)
	Number of properties	119			119							119			119
	Square Feet	16,209,399			16,209,399							16,209,399			16,209,399
	Average Occupancy	83.5		%	86.1		%					84.4		%	87.4		%
	Percent of Stabilized Portfolio (2)	94.6		%								94.6		%
	Operating Revenues:
	Rental income (3)	$	222,614		$	215,088		3.5	%	4.3	%	$	881,361		$	902,172		(2.3)	%	(2.8)	%
	Tenant reimbursements (3)	43,370			40,078			8.2	%	1.8	%	182,808			172,580			5.9	%	1.4	%
	Other property income	4,313			3,156			36.7	%	0.6	%	15,175			10,988			38.1	%	0.6	%
	Total operating revenues	270,297			258,322			4.6	%	6.7	%	1,079,344			1,085,740			(0.6)	%	(0.8)	%
	Operating Expenses:
	Property expenses	60,701			58,215			4.3	%	(1.3)	%	234,210			221,448			5.8	%	(1.7)	%
	Real estate taxes	21,475			20,084			6.9	%	(0.8)	%	98,799			99,359			(0.6)	%	0.1	%
	Ground leases	2,044			1,916			6.7	%	(0.1)	%	8,041			7,588			6.0	%	(0.1)	%
	Total operating expenses	84,220			80,215			5.0	%	(2.2)	%	341,050			328,395			3.9	%	(1.7)	%
	Net Operating Income	$	186,077		$	178,107		4.5	%	4.5	%	$	738,294		$	757,345		(2.5)	%	(2.5)	%
Same Store Analysis (Cash Basis)
		Three Months Ended December 31,								Year Ended December 31,
		2024			2023			% Change		% Contribution		2024			2023			% Change		% Contribution
	Total operating revenues (4)	$	266,717		$	261,491		2.0	%	2.9	%	$	1,065,536		$	1,060,463		0.5	%	0.7	%
	Total operating expenses	84,153			80,116			5.0	%	(2.2)	%	340,735			327,997			3.9	%	(1.7)	%
	Cash Net Operating Income (5)	$	182,564		$	181,375		0.7	%	0.7	%	$	724,801		$	732,466		(1.0)	%	(1.0)	%

________________________

(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 December 31, 2024. Same Store includes 100% of consolidated property partnerships as well as our three residential properties.

(2)Based on rentable square feet at the end of the period.

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

(4)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.

(5)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures. Please refer to page 39 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.

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region

	Portfolio Breakdown				Total Rentable Square Feet (3)		Occupied at						Leased at (4)
STABILIZED PORTFOLIO (1)(2)	YTD NOI %		Rentable Square Feet %			12/31/2024			9/30/2024			12/31/2024			9/30/2024
Los Angeles
Hollywood / West Hollywood	8.8	%	8.1	%	1,383,563		84.7	%		85.8	%		85.5	%		86.1	%
El Segundo	3.2	%	6.4	%	1,103,595		72.8	%		81.8	%		73.6	%		82.5	%
Long Beach	2.2	%	5.6	%	957,706		84.6	%		81.1	%		91.9	%		85.6	%
West Los Angeles	2.2	%	4.2	%	729,231		60.0	%		59.2	%		60.0	%		59.2	%
Culver City	0.0	%	1.0	%	166,207		18.6	%		18.6	%		33.9	%		18.6	%
Total Los Angeles	16.4	%	25.3	%	4,340,302		75.0	%		76.7	%		77.6	%		78.0	%
San Diego
Del Mar	12.2	%	11.1	%	1,897,801		97.3	%		96.4	%		98.2	%		97.4	%
I-15 Corridor	1.4	%	2.5	%	427,762		76.6	%		77.3	%		84.5	%		83.2	%
Little Italy / Point Loma	0.3	%	1.9	%	319,879		49.7	%		42.6	%		52.0	%		51.9	%
University Towne Center	1.8	%	1.3	%	231,060		100.0	%		100.0	%		100.0	%		100.0	%
Total San Diego	15.7	%	16.8	%	2,876,502		89.2	%		87.9	%		91.2	%		90.5	%
San Francisco Bay Area
San Francisco CBD	26.3	%	19.8	%	3,400,600		80.5	%		84.8	%		81.1	%		85.4	%
Silicon Valley	8.6	%	7.5	%	1,286,100		94.1	%		100.0	%		94.1	%		100.0	%
South San Francisco	8.5	%	4.7	%	806,109		100.0	%		100.0	%		100.0	%		100.0	%
Other Peninsula	4.9	%	4.0	%	677,786		94.6	%		94.6	%		98.0	%		98.0	%
Total San Francisco Bay Area	48.3	%	36.0	%	6,170,595		87.4	%		91.1	%		88.1	%		91.7	%
Seattle
Lake Union / Denny Regrade	10.0	%	12.1	%	2,077,052		74.3	%		74.2	%		77.1	%		75.7	%
Bellevue	5.8	%	5.4	%	919,295		94.5	%		94.4	%		99.0	%		94.9	%
Total Seattle	15.8	%	17.5	%	2,996,347		80.5	%		80.4	%		83.8	%		81.6	%
Austin
Austin CBD	3.8	%	4.4	%	758,975		74.7	%		74.2	%		80.6	%		80.7	%
Total Austin	3.8	%	4.4	%	758,975		74.7	%		74.2	%		80.6	%		80.7	%
TOTAL STABILIZED PORTFOLIO	100.0	%	100.0	%	17,142,721		82.8	%		84.3	%		84.9	%		85.8	%
Average Occupancy
---	---
Quarter-to-Date	Year-to-Date
83.3%	83.9%

________________________

(1)Excludes residential properties.

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

(3)Occupied and leased percentage calculations presented throughout this report are based on rentable square feet at the end of the period, inclusive of all remeasurements that occurred during the period.

(4)Leases with a lease term of less than one year are included in the leased percentage upon lease commencement.

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

		Rentable Square Feet		Occupied at						Leased at
	Submarket		12/31/2024			9/30/2024			12/31/2024			9/30/2024
Los Angeles, California
1350 Ivar Avenue	Hollywood / West Hollywood	16,448		100.0	%		100.0	%		100.0	%		100.0	%
1355 Vine Street	Hollywood / West Hollywood	183,129		100.0	%		100.0	%		100.0	%		100.0	%
1375 Vine Street	Hollywood / West Hollywood	159,236		100.0	%		100.0	%		100.0	%		100.0	%
1395 Vine Street	Hollywood / West Hollywood	2,575		100.0	%		100.0	%		100.0	%		100.0	%
1500 N. El Centro Avenue	Hollywood / West Hollywood	113,447		63.6	%		63.6	%		63.6	%		63.6	%
1525 N. Gower Street	Hollywood / West Hollywood	9,610		100.0	%		100.0	%		100.0	%		100.0	%
1575 N. Gower Street	Hollywood / West Hollywood	264,430		98.3	%		98.3	%		98.3	%		98.3	%
6115 W. Sunset Boulevard	Hollywood / West Hollywood	26,238		23.8	%		23.8	%		48.9	%		23.8	%
6121 W. Sunset Boulevard	Hollywood / West Hollywood	93,418		100.0	%		100.0	%		100.0	%		100.0	%
6255 W. Sunset Boulevard	Hollywood / West Hollywood	325,772		59.0	%		64.6	%		59.0	%		65.2	%
8560 W. Sunset Boulevard	Hollywood / West Hollywood	76,359		93.6	%		93.6	%		100.0	%		93.6	%
8570 W. Sunset Boulevard	Hollywood / West Hollywood	49,276		99.0	%		94.5	%		99.0	%		99.0	%
8580 W. Sunset Boulevard	Hollywood / West Hollywood	6,875		0.0	%		0.0	%		0.0	%		0.0	%
8590 W. Sunset Boulevard	Hollywood / West Hollywood	56,750		99.7	%		97.4	%		99.7	%		99.7	%
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	%		80.0	%		46.2	%		80.0	%
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		72.2	%		71.3	%		72.2	%		72.2	%
999 N. Pacific Coast Highway	El Segundo	138,389		48.7	%		48.7	%		54.4	%		52.5	%
3750 Kilroy Airport Way	Long Beach	10,718		100.0	%		100.0	%		100.0	%		100.0	%
3760 Kilroy Airport Way	Long Beach	166,761		80.4	%		80.4	%		80.4	%		80.4	%
3780 Kilroy Airport Way	Long Beach	221,452		96.6	%		95.7	%		98.1	%		98.1	%
3800 Kilroy Airport Way	Long Beach	192,476		93.5	%		89.3	%		93.5	%		93.5	%
3840 Kilroy Airport Way	Long Beach	138,441		77.6	%		77.6	%		98.3	%		77.6	%
3880 Kilroy Airport Way	Long Beach	96,923		51.9	%		51.9	%		90.8	%		51.9	%
3900 Kilroy Airport Way	Long Beach	130,935		87.3	%		69.3	%		87.3	%		91.4	%
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		54.0	%		50.2	%		54.0	%		50.2	%
12312 W. Olympic Boulevard	West Los Angeles	78,900		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		65.0	%		66.5	%		65.0	%		66.5	%
3101-3243 La Cienega Boulevard	Culver City	166,207		18.6	%		18.6	%		33.9	%		18.6	%
Total Los Angeles		4,340,302		75.0	%		76.7	%		77.6	%		78.0	%
Q4 2024 Supplemental Financial Report
---

Stabilized Portfolio Occupancy Overview by Region, continued

		Rentable Square Feet		Occupied at						Leased at
	Submarket		12/31/2024			9/30/2024			12/31/2024			9/30/2024
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		51.5	%		51.5	%		51.5	%		51.5	%
12400 High Bluff Drive	Del Mar	216,518		100.0	%		100.0	%		100.0	%		100.0	%
12707 High Bluff Drive *	Del Mar	59,245		93.5	%		93.5	%		100.0	%		93.5	%
12777 High Bluff Drive *	Del Mar	44,486		100.0	%		100.0	%		100.0	%		100.0	%
3579 Valley Centre Drive	Del Mar	54,960		94.7	%		87.0	%		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		100.0	%		100.0	%		100.0	%		100.0	%
3721 Valley Centre Drive	Del Mar	117,777		90.3	%		78.9	%		94.8	%		90.3	%
3811 Valley Centre Drive	Del Mar	118,912		100.0	%		100.0	%		100.0	%		100.0	%
3745 Paseo Place	Del Mar	95,871		86.3	%		86.3	%		94.1	%		87.9	%
13480 Evening Creek Drive North	I-15 Corridor	143,401		56.7	%		56.7	%		60.6	%		56.7	%
13500 Evening Creek Drive North	I-15 Corridor	137,660		100.0	%		100.0	%		100.0	%		100.0	%
13520 Evening Creek Drive North	I-15 Corridor	146,701		74.2	%		76.3	%		93.4	%		93.4	%
2100 Kettner Boulevard	Little Italy / Point Loma	212,423		30.2	%		22.6	%		33.7	%		33.5	%
2305 Historic Decatur Road	Little Italy / Point Loma	107,456		88.3	%		82.1	%		88.3	%		88.3	%
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		2,876,502		89.2	%		87.9	%		91.2	%		90.5	%

________________________

* Excluded from our Same Store portfolio.

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued

		Rentable Square Feet		Occupied at						Leased at
	Submarket		12/31/2024			9/30/2024			12/31/2024			9/30/2024
San Francisco Bay Area, California
100 Hooper Street	San Francisco CBD	417,914		95.5	%		95.5	%		100.0	%		100.0	%
100 First Street	San Francisco CBD	480,457		93.6	%		93.6	%		93.6	%		93.6	%
303 Second Street	San Francisco CBD	784,658		73.5	%		73.5	%		73.5	%		73.5	%
201 Third Street	San Francisco CBD	346,538		25.5	%		68.2	%		25.5	%		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		0.0	%		100.0	%		0.0	%		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		63.5	%		63.5	%		100.0	%		100.0	%
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	228,226		100.0	%		100.0	%		100.0	%		100.0	%
900 Middlefield Road	Other Peninsula	119,616		100.0	%		100.0	%		100.0	%		100.0	%
Total San Francisco Bay Area		6,170,595		87.4	%		91.1	%		88.1	%		91.7	%
Q4 2024 Supplemental Financial Report
---

Stabilized Portfolio Occupancy Overview by Region, continued

		Rentable Square Feet		Occupied at						Leased at
	Submarket		12/31/2024			9/30/2024			12/31/2024			9/30/2024
Seattle, Washington
333 Dexter Avenue North	Lake Union / Denny Regrade	618,766		100.0	%		100.0	%		100.0	%		100.0	%
701 N. 34th Street	Lake Union / Denny Regrade	141,860		44.8	%		44.8	%		64.5	%		64.5	%
801 N. 34th Street	Lake Union / Denny Regrade	173,615		100.0	%		100.0	%		100.0	%		100.0	%
837 N. 34th Street	Lake Union / Denny Regrade	112,487		85.6	%		85.6	%		100.0	%		85.6	%
320 Westlake Avenue North	Lake Union / Denny Regrade	184,644		96.1	%		94.3	%		96.1	%		96.1	%
321 Terry Avenue North	Lake Union / Denny Regrade	135,755		100.0	%		100.0	%		100.0	%		100.0	%
401 Terry Avenue North	Lake Union / Denny Regrade	174,530		100.0	%		100.0	%		100.0	%		100.0	%
2001 8th Avenue	Lake Union / Denny Regrade	535,395		19.5	%		19.5	%		22.0	%		19.5	%
601 108th Avenue NE	Bellevue	490,738		98.7	%		98.7	%		98.7	%		98.7	%
10900 NE 4th Street	Bellevue	428,557		89.7	%		89.5	%		99.3	%		90.5	%
Total Seattle		2,996,347		80.5	%		80.4	%		83.8	%		81.6	%
Austin, Texas
200 W. 6th Street *	Austin CBD	758,975		74.7	%		74.2	%		80.6	%		80.7	%
Total Austin		758,975		74.7	%		74.2	%		80.6	%		80.7	%
TOTAL STABILIZED PORTFOLIO		17,142,721		82.8	%		84.3	%		84.9	%		85.8	%

________________________

* Excluded from our Same Store portfolio.

			Average Residential Occupancy
			Quarter-to-Date		Year-to-Date
RESIDENTIAL PROPERTIES	Submarket	Total No. of Units	12/31/2024	9/30/2024	12/31/2024
Los Angeles, California
1550 N. El Centro Avenue	Hollywood	200	90.3%	90.2%	90.5%
6390 De Longpre Avenue	Hollywood	193	92.7%	89.9%	91.6%
San Diego, California
3200 Paseo Village Way	Del Mar	608	92.7%	93.2%	93.5%
TOTAL RESIDENTIAL PROPERTIES		1,001	92.2%	92.0%	92.5%
Q4 2024 Supplemental Financial Report
---

Information on Leases Commenced (1)

Quarter to Date	# of Leases		Square Feet			Weighted<br>Average Lease<br>Term (Mo.)	TI/LC<br><br>Per Sq.Ft. (2)		TI/LC<br><br>Per Sq.Ft. /Year (2)		Changes in<br><br>GAAP Rents (3)		Changes in<br><br>Cash Rents (4)
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (5)	14	15	84,718	132,154	216,872	63	$	40.08	$	7.63	12.4	%	(2.5)	%
1st Gen / Major Repositioning /<br><br>In-Process Development & Redevelopment Leasing (5)	4	—	21,530	—	21,530	87	$	110.54	$	15.25
TOTAL	18	15	106,248	132,154	238,402											Year to Date	# of Leases		Square Feet			Weighted<br>Average Lease<br>Term (Mo.)	TI/LC<br><br>Per Sq.Ft. (2)		TI/LC<br><br>Per Sq.Ft. /Year (2)		Changes in<br><br>GAAP Rents (3)		Changes in<br><br>Cash Rents (4)
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (5)	53	49	392,651	466,780	859,431	62	$	57.32	$	11.09	19.5	%	4.2	%
1st Gen / Major Repositioning /<br><br>In-Process Development & Redevelopment Leasing (5)	10	—	107,029	—	107,029	141	$	158.27	$	13.47
TOTAL:	63	49	499,680	466,780	966,460

________________________

(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three months and year ended December 31, 2024, 23,551 and 388,570 square feet of leases commenced with a lease term less than one year, respectively. The year ended December 31, 2024 further excludes a 109,790 square foot short-term lease signed with the successor entity of DermTech. During the second quarter, DermTech rejected its lease and the Company executed the short-term lease to facilitate DermTech’s interim operations.

(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 the expiring GAAP rent and the new GAAP rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.

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

(5)Refer to pages 36-38 “Definitions Included in Supplemental.”

Q4 2024 Supplemental Financial Report

Information on Leases Executed (1)

Quarter to Date (2)	# of Leases		Square Feet			Weighted<br>Average Lease<br>Term (Mo.)	TI/LC<br><br>Per Sq.Ft. (3)		TI/LC<br><br>Per Sq.Ft. /Year (3)		Changes in<br><br>GAAP Rents (4)		Changes in<br><br>Cash Rents (5)		Retention<br>Rates
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (6)	19	15	541,562	132,154	673,716	69	$	47.69	$	8.29	3.4	%	(8.6)	%	33.8	%
1st Gen / Major Repositioning /<br><br>In-Process Development & Redevelopment Leasing (6)	1	—	13,690	—	13,690	128	$	176.44	$	16.54
TOTAL	20	15	555,252	132,154	687,406													Year to Date (7)	# of Leases		Square Feet			Weighted<br>Average Lease<br>Term (Mo.)	TI/LC<br><br>Per Sq.Ft. (3)		TI/LC<br><br>Per Sq.Ft. /Year (3)		Changes in<br><br>GAAP Rents (4)		Changes in<br><br>Cash Rents (5)		Retention<br>Rates
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	New	Renewal	New	Renewal	Total
2nd Gen Leasing (6)	66	49	885,179	466,780	1,351,959	65	$	50.03	$	9.24	8.2	%	(4.5)	%	30.9	%
1st Gen / Major Repositioning /<br><br>In-Process Development & Redevelopment Leasing (6)	10	—	65,328	—	65,328	99	$	126.93	$	15.39
TOTAL:	76	49	950,507	466,780	1,417,287

________________________

(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three months and year ended December 31, 2024, we signed 20,208 and 360,671 square feet of leases with a lease term less than one year, respectively. The year ended December 31, 2024 further excludes a 109,790 square foot short-term lease signed with the successor entity of DermTech. During the second quarter, DermTech rejected its lease and the Company executed the short-term lease to facilitate DermTech’s interim operations.

(2)During the three months ended December 31, 2024, 19 new leases totaling 553,840 square feet were signed but not commenced as of December 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 the expiring GAAP rent and the new GAAP rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.

(5)Calculated as the change between the expiring cash rent and the new cash rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.

(6)Refer to pages 36-38 “Definitions Included in Supplemental.”

(7)During the year ended December 31, 2024, 33 new leases totaling 700,504 square feet were signed but not commenced as of December 31, 2024.

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Capital Expenditures

($ in thousands)

	Q4 2024			Q3 2024		Q2 2024		Q1 2024		Q4 2023
2nd Gen Capital Expenditures: (1) (2) (3)
Capital Improvements	$	13,935		$	11,734	$	10,029	$	4,962	$	12,872
Tenant Improvements & Leasing Commissions	19,154			13,928		12,040		6,801		18,539
Total	$	33,089		$	25,662	$	22,069	$	11,763	$	31,411
Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters	13.0		%
	Q4 2024			Q3 2024		Q2 2024		Q1 2024		Q4 2023
Major Repositioning Capital Expenditures: (1) (3) (4)
Capital Improvements	$	1,716		$	4,301	$	9,940	$	7,130	$	1,411
Tenant Improvements & Leasing Commissions	—			—		—		89		(329)
Total	$	1,716		$	4,301	$	9,940	$	7,219	$	1,082
	Q4 2024			Q3 2024		Q2 2024		Q1 2024		Q4 2023
1st Gen Capital Expenditures: (1) (5)
Tenant Improvements & Leasing Commissions	$	2,259		$	1,431	$	3,773	$	10,063	N/A
Total	$	2,259		$	1,431	$	3,773	$	10,063	N/A

________________________

(1)Refer to pages 36-38 “Definitions Included in Supplemental.”

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

(3)Tenant improvement and leasing commissions for projects classified as major repositioning are captured in 2nd Gen capital expenditures.

(4)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.

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

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Summary (1)(2)(3)

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

# of Expiring Leases	67	74	77	58	49	55	47	17	11	19	19
% of Total Leased Sq. Ft.	5.2	14.0	7.9	8.4	8.9	12.0	16.4	8.2	7.2	5.1	6.7
Annualized Base Rent (“ABR”)	30,212	93,174	44,802	71,467	66,518	98,690	145,974	74,380	58,538	47,932	55,870
% of Total ABR (4)	3.8	11.8	5.7	9.1	8.5	12.5	18.5	9.4	7.4	6.2	7.1
Annualized Rent per Sq. Ft.	42.22	48.16	40.89	61.56	54.80	59.39	64.54	66.10	58.79	67.45	60.76

All values are in US Dollars.

________________________

(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 December 31, 2024, space leased under month-to-month leases, storage leases, vacant space, leases with a lease term of less than one year, intercompany leases and future lease renewal options not executed as of December 31, 2024.

(2)Adjusting for leasing transactions executed as of December 31, 2024 but not yet commenced, the 2025 and 2026 expirations would be reduced by 127,744 and 430,644 square feet, respectively.

(3)Square footage expiring in 2025 excludes 165,187 square feet of expiring short-term leases and 82,084 square feet of month-to-month leases.

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

Q4 2024 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Schedule by Region

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

Year		Region		# of<br>Expiring Leases		Total<br>Square Feet		% of Total<br>Leased Sq. Ft.				Annualized<br><br>Base Rent (1)			% of Total<br>Annualized<br>Base Rent				Annualized Rent<br>per Sq. Ft.
2025		Los Angeles		36		215,751		1.6	%			$	9,367		1.2	%			$	43.42
	San Diego		16		209,322		1.5	%		8,090				1.0	%		—
	San Francisco Bay Area		6		106,773		0.8	%		7,755				1.0	%		72.63
	Seattle		9		183,727		1.3	%		5,000				0.6	%		27.21
	Austin		—		—		—	%		—				—	%		—
	Total		67		715,573		5.2	%		$	30,212			3.8	%		$	42.22
2026		Los Angeles		30		521,726		3.8	%			$	21,705		2.8	%			$	41.60
	San Diego		12		165,150		1.2	%		9,158				1.2	%		55.45
	San Francisco Bay Area		19		948,962		6.8	%		49,748				6.2	%		52.42
	Seattle		13		298,687		2.2	%		12,563				1.6	%		42.06
	Austin		—		—		—	%		—				—	%		—
	Total		74		1,934,525		14.0	%		$	93,174			11.8	%		$	48.16
2027		Los Angeles		41		743,785		5.4	%			$	27,767		3.5	%			$	37.33
	San Diego		20		167,423		1.2	%		8,026				1.1	%		47.94
	San Francisco Bay Area		6		95,156		0.7	%		5,608				0.7	%		58.93
	Seattle		10		89,198		0.6	%		3,401				0.4	%		38.13
	Austin		—		—		—	%		—				—	%		—
	Total		77		1,095,562		7.9	%		$	44,802			5.7	%		$	40.89
2028		Los Angeles		26		147,913		1.0	%			$	7,917		1.0	%			$	53.52
	San Diego		12		214,470		1.6	%		12,173				1.5	%		56.76
	San Francisco Bay Area		11		730,462		5.3	%		49,234				6.3	%		67.40
	Seattle		9		68,147		0.5	%		2,143				0.3	%		31.45
	Austin		—		—		—	%		—				—	%		—
	Total		58		1,160,992		8.4	%		$	71,467			9.1	%		$	61.56
2029		Los Angeles		14		321,878		2.3	%			$	19,027		2.4	%			$	59.11
	San Diego		19		258,983		1.9	%		13,711				1.7	%		52.94
	San Francisco Bay Area		6		424,376		3.2	%		24,654				3.2	%		58.09
	Seattle		9		204,317		1.5	%		8,891				1.2	%		43.52
	Austin		1		4,211		—	%		235				—	%		—
	Total		49		1,213,765		8.9	%		$	66,518			8.5	%		$	54.80
2030<br><br>and<br><br>Beyond		Los Angeles		44		1,157,834		8.4	%			$	65,974		8.4	%			$	56.98
	San Diego		53		1,424,368		10.4	%		88,443				11.2	%		62.09
	San Francisco Bay Area		36		3,026,662		21.9	%		232,348				29.6	%		76.77
	Seattle		23		1,509,247		10.9	%		69,571				8.9	%		46.10
	Austin		12		556,212		4.0	%		25,048				3.0	%		45.03
	Total		168		7,674,323		55.6	%		$	481,384			61.1	%		$	62.73

________________________

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

Q4 2024 Supplemental Financial Report

Top 20 Tenants

($ in thousands)

	Tenant Name (1)	Region	Annualized Base Rental Revenue (2)		Rentable<br>Square Feet	Percentage of<br>Total Annualized Base Rental Revenue		Percentage of<br>Total Rentable<br>Square Feet		Year(s) of Significant Lease Expiration(s) (3)	Weighted Average Remaining <br>Lease Term (Years)
1	Global technology company	Seattle / San Diego	$	44,851	849,826	5.7	%	5.0	%	2032 - 2033 / 2037	8.6
2	Cruise LLC	San Francisco Bay Area	35,449		374,618	4.5	%	2.2	%	2031	6.9
3	Stripe, Inc.	San Francisco Bay Area	33,110		425,687	4.2	%	2.5	%	2034	9.5
4	Adobe Systems, Inc.	San Francisco Bay Area / Seattle	27,897		522,879	3.5	%	3.1	%	2027 / 2031	6.4
5	LinkedIn Corporation / Microsoft Corporation	San Francisco Bay Area	26,142		587,429	3.3	%	3.4	%	2026	1.7
6	Salesforce, Inc.	San Francisco Bay Area / Seattle	24,706		472,988	3.1	%	2.8	%	2029 - 2030 / 2032	5.4
7	Okta, Inc.	San Francisco Bay Area	24,206		293,001	3.1	%	1.7	%	2028	3.8
8	DoorDash, Inc.	San Francisco Bay Area	23,842		236,759	3.0	%	1.4	%	2032	7.1
9	Netflix, Inc.	Los Angeles	21,854		361,388	2.8	%	2.1	%	2032	7.6
10	Cytokinetics, Inc.	San Francisco Bay Area	18,167		234,892	2.3	%	1.4	%	2033	8.8
11	Box, Inc.	San Francisco Bay Area	16,853		287,680	2.1	%	1.7	%	2028	3.5
12	Neurocrine Biosciences, Inc. (4)	San Diego	16,365		299,064	2.1	%	1.7	%	2025 / 2029 / 2031	5.7
13	DIRECTV, LLC	Los Angeles	16,085		532,956	2.0	%	3.1	%	2026 - 2027	2.7
14	Synopsys, Inc.	San Francisco Bay Area	15,492		342,891	2.0	%	2.0	%	2030	5.7
15	Viacom International, Inc.	Los Angeles	13,718		220,330	1.7	%	1.3	%	2028	4.0
16	Indeed, Inc.	Austin	13,430		330,394	1.7	%	1.9	%	2034	10.0
17	Sony Interactive Entertainment, LLC	San Francisco Bay Area	13,059		127,760	1.7	%	0.7	%	2030	5.3
18	Amazon.com (5)	Seattle	12,921		340,705	1.6	%	2.0	%	2025 / 2030	4.3
19	Riot Games, Inc.	Los Angeles	12,893		205,978	1.6	%	1.2	%	2026 / 2031	3.6
20	Tandem Diabetes Care, Inc.	San Diego	12,409		143,850	1.6	%	0.8	%	2035	10.3
	Total Top 20 Tenants		$	423,449	7,191,075	53.6	%	42.0	%		6.0

________________________

(1)Includes subsidiaries of the tenant listed.

(2)The information presented is based upon annualized base rental revenues as of December 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 2025 lease expiration represents 26,043 rentable square feet expiring on June 30, 2025.

(5)The 2025 lease expiration represents 56,398 rentable square feet that expired on January 15, 2025.

Q4 2024 Supplemental Financial Report

Tenant Industry Diversification (1)

Annualized Base Rent (2)	Square Feet (3)

________________________

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

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

(3)Based on occupied square footage as of December 31, 2024.

Q4 2024 Supplemental Financial Report

2024 Operating Property Acquisitions

($ in millions)

COMPLETED OPERATING PROPERTY ACQUISITIONS	Submarket	Month of<br>Acquisition	Number of Buildings	Rentable Square Feet	Purchase<br>Price (1)
1st Quarter
None
2nd Quarter
None
3rd Quarter
12707 & 12777 High Bluff Drive (Junction at Del Mar)	Del Mar	September	2	103,731	$	35.0
4th Quarter
None
TOTAL			2	103,731	$	35.0

_______________________

(1)Excludes acquisition-related costs.

Q4 2024 Supplemental Financial Report

Consolidated Ventures (Noncontrolling Property Partnerships)

(unaudited, $ in thousands)

Property	Venture Partner	Submarket	Rentable <br>Square Feet	KRC <br>Ownership %
100 First Street, San Francisco, CA	Norges Bank Investment Management	San Francisco	480,457	56%
303 Second Street, San Francisco, CA	Norges Bank Investment Management	San Francisco	784,658	56%
900 Jefferson Avenue and 900 Middlefield Road,<br><br>Redwood City, CA (1)	Local developer	Redwood City	347,842	93%			Quarter-to-Date		Year-to-Date
---	---	---	---	---
Total operating revenues	$	32,993	$	123,700
Total operating expenses	9,631		35,922
Net Operating Income - Consolidated Ventures (2)(3)	$	23,362	$	87,778
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(457)		(2,257)
Net effect of straight-line rents	(359)		177
Lease related adjustments and other	(505)		(30)
Other (3)	52		109
Cash Net Operating Income - Consolidated Ventures (4)	$	22,093	$	85,777
Company's Share of Cash Net Operating Income - Consolidated Ventures (4)	$	14,406	$	56,479

____________________

(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 39, Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income.

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

(4)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.

03

Development

–In-Process Development & Redevelopment

–Future Development Pipeline

Q4 2024 Supplemental Financial Report

In-Process Development & Redevelopment

($ in millions)

	Location	Construction Start Date	Estimated Stabilization Date (2)	Estimated Rentable Square Feet	Total Estimated Investment		Total Cash Costs Incurred as of 12/31/2024 (3)(4)		% Leased	Total Project % Occupied
TENANT IMPROVEMENT (1)
Office / Life Science
San Francisco Bay Area
4400 Bohannon Drive (5)	Other Peninsula	4Q 2022	3Q 2025	48,000	55		44		—%	—%
San Diego
4690 Executive Drive (5)	University Towne Center	1Q 2022	3Q 2025	52,000	25		22		—%	—%
TOTAL:				100,000	$	80	$	66	—%	—%
UNDER CONSTRUCTION	Location	Construction Start Date	Estimated Stabilization Date (2)	Estimated Rentable Square Feet	Total Estimated Investment		Total Cash Costs Incurred as of<br><br>12/31/2024 (3)		% Leased
Office / Life Science
San Francisco Bay Area
Kilroy Oyster Point - Phase 2 (6)	South San Francisco	2Q 2021	1Q 2026	875,000	$	1,025	$	798	—%
TOTAL:				875,000	$	1,025	$	798	—%

________________________

(1)Represents projects that have reached “cold shell condition” and are ready for tenant improvements, which may require additional major base building construction before being placed in service.

(2)For office and retail, represents the earlier of 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.

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

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

(5)Redevelopment property.

(6)Subsequent to quarter end, received temporary certificate of occupancy and moved this project into the tenant improvement phase in January 2025.

Q4 2024 Supplemental Financial Report

Future Development Pipeline

($ in millions)

FUTURE DEVELOPMENT PIPELINE	Location	Approx. Developable<br><br>Square Feet / Resi Units (1)	Total Cash Costs Incurred as of 12/31/2024 (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	116
2045 Pacific Highway	Little Italy	275,000	57
Kilroy East Village	East Village	1,100 units	68
San Francisco Bay Area
Kilroy Oyster Point - Phases 3 and 4	South San Francisco	875,000 - 1,000,000	236
Flower Mart	SOMA	2,300,000	619
Seattle
SIX0	Denny Regrade	925,000 and 650 units	191
Austin
Stadium Tower	Stadium District / Domain	493,000	76
TOTAL:			$	1,378

________________________

(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 December 31, 2024, excluding accrued liabilities recorded in accordance with GAAP.

04

Debt and

Capitalization Data

–Capital Structure

–Debt Analysis

Q4 2024 Supplemental Financial Report

Capital Structure

As of December 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			—	%	5.69	%	7/31/2028 (3)
Term Loan Facility		200,000	2.1	%	5.70	%	10/3/2027 (4)
Private Placement Senior Notes Series A due 2026		50,000	0.6	%	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	1.9	%	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 2025		400,000	4.2	%	4.38	%	10/1/2025
Senior Notes due 2028 (5)		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 (5)		425,000	4.5	%	2.50	%	11/15/2032
Senior Notes due 2033 (5)		450,000	4.8	%	2.65	%	11/15/2033
Senior Notes due 2036		400,000	4.2	%	6.25	%	1/15/2036
			42.6	%	4.02	%
Secured Debt (6)
12100,12200, and 12312 W. Olympic Blvd., Los Angeles			1.6	%	3.57	%	12/1/2026
320 Westlake Ave. N. and 321 Terry Ave. N., Seattle		79,020	0.8	%	4.48	%	7/1/2027
One Paseo Mixed-Use Campus, San Diego		375,000	4.0	%	5.90	%	8/10/2034
			6.4	%	5.13	%
Total Debt			49.0	%	4.17	%
Equity and Noncontrolling Interest in the Operating Partnership (7)
Common limited partnership units outstanding (8)	1,150,574		0.5	%
Shares of common stock outstanding	118,046,674	4,774,988	50.5	%
Total Equity and Noncontrolling Interest in the Operating Partnership			51.0	%
Total Market Capitalization			100.0	%

All values are in US Dollars.

________________________

(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 facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 1.100% and 1.200%, respectively, based on our credit rating as of December 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 of the unsecured term loan assumes the exercise of the two twelve-month extensions, at the Company’s election.

(5)Green bond.

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

(7)Value based on closing share price of $40.45 as of December 31, 2024.

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

Q4 2024 Supplemental Financial Report

Debt Analysis

As of December 31, 2024 ($ in thousands)

Total Debt	$406,246	$401,317	$449,125	$400,000	$475,000	$500,000	$350,000	$425,000	$450,000	$375,000	—	$400,000
Weighted Average <br>Stated Rate	4.37%	4.06%	4.58%	4.75%	4.12%	3.05%	4.27%	2.50%	2.65%	5.90%	—%	6.25%
% of Total	9%	9%	9%	9%	10%	11%	8%	9%	9%	8%	—%	9%

________________________

(1)The maturity date of the unsecured term loan assumes the exercise of the two twelve-month extensions, at the Company's election.

(2)As of December 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.

Q4 2024 Supplemental Financial Report

Debt Analysis, continued

As of December 31, 2024 ($ in thousands)

NET DEBT TO COMPANY'S SHARE OF EBITDA, AS ADJUSTED RATIOS (1)
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Total principal amount of debt	$	4,631,688	$	5,036,923	$	5,158,432	$	5,159,926	$	4,961,406
Cash and cash equivalents	(165,690)		(625,395)		(835,893)		(855,007)		(510,163)
Certificates of deposit	—		—		—		(78,256)		(256,581)
Net debt	$	4,465,998	$	4,411,528	$	4,322,539	$	4,226,663	$	4,194,662
Trailing 12-months Company's share of EBITDA, as adjusted (2)	$	696,855	$	686,336	$	673,269	$	672,267	$	671,343
Trailing 12-months Company's share of EBITDA, as adjusted less interest income (2)	$	659,103	$	642,678	$	632,284	$	637,945	$	648,751
Net debt to Company's share of EBITDA, as adjusted Ratio	6.4x		6.4x		6.4x		6.3x		6.2x
Net debt to Company's share of EBITDA, as adjusted less interest income Ratio	6.8x		6.9x		6.8x		6.6x		6.5x			KEY DEBT COVENANTS (3)
---	---	---
	Covenant	Actual Performance<br><br>as of December 31, 2024
Unsecured Credit and Term Loan Facilities and Private Placement Notes:
Total debt to total asset value	less than 60%	33%
Fixed charge coverage ratio	greater than 1.5x	3.3x
Unsecured debt ratio	greater than 1.67x	3.09x
Unencumbered asset pool debt service coverage	greater than 1.75x	3.62x
Unsecured Senior Notes due 2025, 2028, 2029, 2030, 2032, 2033, and 2036:
Total debt to total asset value	less than 60%	35%
Interest coverage	greater than 1.5x	5.2x
Secured debt to total asset value	less than 40%	5%
Unencumbered asset pool value to unsecured debt	greater than 150%	301%

________________________

(1)Please refer to pages 32-34 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 four quarters. Please refer to page 41 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.

05

Non-GAAP Supplemental

Measures

Q4 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 February 10, 2025 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results of operations.

Net Operating Income:

Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company 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.

Q4 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 the sale of depreciable real estate and non-real estate assets, net income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses (“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.

Q4 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 adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures, amortization of deferred revenue related to tenant-funded tenant improvements, the net effect of straight-line rents, amortization of net above (below) market rents for acquisition properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations, lease related adjustments, gains and losses on sales of non-real estate assets, and amounts attributable to 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.

06

Definitions and Reconciliations

Q4 2024 Supplemental Financial Report

Definitions Included in Supplemental

Annualized Base Rent:

Annualized monthly contractual rents from existing tenants that 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 the expiring GAAP rent and the new GAAP rent and the expiring cash rent and the new cash rent for the same space. 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 the expiring GAAP rent and the new GAAP rent and the expiring cash rent and the new cash rent for the same space. 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.

Q4 2024 Supplemental Financial Report

Definitions Included in Supplemental, continued

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.

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 improvements for this space are not subtracted in our calculation of FAD. Tenant improvement and leasing commissions for this space are are captured in 2nd Gen Capital Expenditures.

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.

Rentable Square Feet:

Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this report are calculated based on rentable square feet at the end of the period(s) presented.

Q4 2024 Supplemental Financial Report

Definitions Included in Supplemental, continued

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 December 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, and properties held-for-sale. Also excludes recently stabilized development and redevelopment projects. 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.

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	—	(5,138)
Same Store Portfolio as of December 31, 2024	119	16,209,399
Stabilized Development and Redevelopment Properties Excluded from Same Store	2	829,591
Stabilized Acquisition Properties	2	103,731
Stabilized Portfolio as of December 31, 2024	123	17,142,721

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. Tenant improvement and leasing commission capital expenditures for projects classified as Major Repositioning are captured in 2nd Gen Capital Expenditures.

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.

Q4 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)										Twelve Months Ended (2)
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023			12/31/2024		12/31/2023
Net Income Available to Common Stockholders	$	59,460	$	52,378	$	49,211	$	49,920	$	47,284		$	210,969	$	212,241
Net income attributable to noncontrolling common units of the Operating Partnership	593		509		458		502		471			2,062		2,083
Net income attributable to noncontrolling interests in consolidated property partnerships	4,981		4,786		4,878		5,278		5,291			19,923		23,964
Net Income	65,034		57,673		54,547		55,700		53,046			232,954		238,288
Adjustments:
General and administrative expenses	17,470		18,066		18,951		17,579		22,078			72,066		93,434
Leasing costs	2,013		2,353		2,119		2,279		1,956			8,764		6,506
Depreciation and amortization	89,121		91,879		87,151		88,031		86,016			356,182		355,278
Interest income	(4,790)		(9,688)		(10,084)		(13,190)		(10,696)			(37,752)		(22,592)
Interest expense	33,245		36,408		36,763		38,871		32,325			145,287		114,216
Gain on sales of long-lived assets	(5,979)		—		—		—		—			(5,979)		—
Net Operating Income, as defined (3)	196,114		196,691		189,447		189,270		184,725			771,522		785,130
Wholly-Owned Properties	172,752		175,716		168,215		167,061		162,348			683,744		688,940
Consolidated property partnerships: (4)
100 First Street (5)	5,898		6,113		6,073		5,958		6,561			24,042		25,420
303 Second Street (5)	10,856		10,143		10,467		10,794		10,099			42,260		47,285
Crossing/900 (6)	6,608		4,719		4,692		5,457		5,717			21,476		23,485
Net Operating Income, as defined (3)	196,114		196,691		189,447		189,270		184,725			771,522		785,130
Non-Same Store Net Operating Income (7)	(10,037)		(8,127)		(8,486)		(6,578)		(20,892)			(33,228)		(27,785)
Same Store Net Operating Income	186,077		188,564		180,961		182,692		163,833			738,294		757,345
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(3,736)		(3,881)		(4,035)		(6,190)		(5,215)			(17,842)		(19,508)
Net effect of straight-line rents	4,499		4,193		2,084		5,443		8,140			16,219		(4,504)
Amortization of net below market rents	(335)		(334)		(335)		(353)		(422)			(1,357)		(4,267)
Lease related adjustments (8)	(2,201)		(5,266)		(467)		(135)		2,296			(8,069)		402
Other (9)	(1,740)		369		133		(1,206)		1,084			(2,444)		2,998
Same Store Cash Net Operating Income	$	182,564	$	183,645	$	178,341	$	180,251	$	169,716		$	724,801	$	732,466

________________________

(1)For all quarterly periods in 2024, the Same Store Portfolio was comprised of 119 properties. For the fourth quarter of 2023, the Same Store Portfolio was comprised of 115 properties.

(2)Based upon the Same Store Portfolio as of December 31, 2024, which was comprised of 119 properties.

(3)Please refer to page 32-34 for Management Statements on non-GAAP supplemental measures.

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

(5)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.

(6)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.

(7)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.

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

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

Q4 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)
	9/30/2023		6/30/2023		3/31/2023		12/31/2022
Net Income Available to Common Stockholders	$	52,762	$	55,587	$	56,608	$	52,625
Net income attributable to noncontrolling common units of the Operating Partnership	515		537		560		588
Net income attributable to noncontrolling interests in consolidated property partnerships	5,460		5,151		8,062		6,262
Net Income	58,737		61,275		65,230		59,475
Adjustments:
General and administrative expenses	24,761		22,659		23,936		25,217
Leasing costs	1,852		1,326		1,372		1,404
Depreciation and amortization	85,224		90,362		93,676		91,396
Interest income	(7,015)		(3,421)		(1,460)		(1,264)
Interest expense	29,837		26,383		25,671		23,550
Gain on sale of depreciable operating property	—		—		—		—
Net Operating Income, as defined (2)	193,396		198,584		208,425		199,778
Wholly-Owned Properties	170,492		176,582		179,500		174,983
Consolidated property partnerships: (3)
100 First Street (4)	6,782		6,075		6,011		6,116
303 Second Street (4)	10,243		9,706		17,247		12,702
Crossing/900 (5)	5,879		6,221		5,667		5,977
Net Operating Income, as defined (2)	193,396		198,584		208,425		199,778
Non-Same Store Net Operating Income (6)	(7,541)		(6,760)		(6,866)		(16,435)
Same Store Net Operating Income	185,855		191,824		201,559		183,343
Adjustments:
Amortization of deferred revenue related to tenant-funded tenant improvements	(4,570)		(4,645)		(4,893)		(4,607)
Net effect of straight-line rents	(828)		(5,269)		(5,359)		(3,689)
Amortization of net below market rents	(483)		(1,057)		(2,305)		(2,287)
Lease related adjustments (7)	(1,652)		(3,820)		4,819		(2,010)
Other (8)	433		1,002		480		1,008
Same Store Cash Net Operating Income	$	178,755	$	178,035	$	194,301	$	171,758

________________________

(1)Same Store Portfolio as of the most recent comparative period. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 119 properties. For the fourth quarter of 2022, the Same Store Portfolio was comprised of 115 properties.

(2)Please refer to page 32-34 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 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 non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences.

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

Q4 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
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Net Income Available to Common Stockholders	$	59,460	$	52,378	$	49,211	$	49,920	$	47,284
Interest expense	33,245		36,408		36,763		38,871		32,325
Depreciation and amortization	89,121		91,879		87,151		88,031		86,016
Net income attributable to noncontrolling common units of the Operating Partnership	593		509		458		502		471
Net income attributable to noncontrolling interests in consolidated property partnerships	4,981		4,786		4,878		5,278		5,291
Gain on sales of long-lived assets	(5,979)		—		—		—		—
EBITDA, as adjusted (1)	181,421		185,960		178,461		182,602		171,387
EBITDA, as adjusted (1), attributable to noncontrolling interests in consolidated property partnerships	(7,843)		(7,485)		(7,601)		(8,660)		(8,328)
Company's share of EBITDA, as adjusted (1)	173,578		178,475		170,860		173,942		163,059
Interest income	(4,790)		(9,688)		(10,084)		(13,190)		(10,696)
Company's share of EBITDA, as adjusted less interest income (1)	$	168,788	$	168,787	$	160,776	$	160,752	$	152,363

________________________

(1)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.

Q4 2024 Supplemental Financial Report

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

(unaudited, $ in thousands)

	Three Months Ended										Year Ended December 31,
	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023		2024		2023
GAAP Net Cash Provided by Operating Activities	$	108,237	$	176,350	$	88,693	$	167,869	$	110,223	$	541,149	$	602,589
Adjustments:
Recurring tenant improvements, leasing commissions and capital expenditures	(33,089)		(25,662)		(22,069)		(11,763)		(31,411)		(92,583)		(87,546)
Depreciation of non-real estate furniture, fixtures and equipment	(1,585)		(1,636)		(1,562)		(1,571)		(1,614)		(6,354)		(7,214)
Net changes in operating assets and liabilities (1)	42,445		(46,785)		55,471		(21,554)		39,064		29,577		1,816
Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD	(6,905)		(5,262)		(5,634)		(7,553)		(6,705)		(25,354)		(29,557)
Cash adjustments related to investing and financing activities	(16)		(185)		(65)		(100)		(29)		(366)		217
Funds Available for Distribution (2)	$	109,087	$	96,820	$	114,834	$	125,328	$	109,528	$	446,069	$	480,305

_______________________

(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 32-34 for Management Statements on non-GAAP supplemental measures.

Document

Exhibit 99.2

Contact:	FOR RELEASE:
Doug Bettisworth	February 10, 2025
Senior Director, Corporate Finance
(310) 481-8585

KILROY REALTY CORPORATION REPORTS

FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

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Strong Fourth Quarter Leasing Performance Results in Highest Quarterly and Annual Leasing Volumes Since 2019

LOS ANGELES, February 10, 2025 - Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2024.

“Leasing activity meaningfully accelerated to more than 700,000 square feet in the fourth quarter, underscoring the recovery that we are seeing play out across our West Coast markets,” commented Angela Aman, CEO. “In addition to leasing execution, the team has remained active across all facets of our business, continuing our efforts to monetize significant components of our future land bank, selling our corporate aircraft, and, in January, successfully completing the development of Kilroy Oyster Point Phase 2. We are well positioned to capitalize on continued improvements in the leasing and transaction environments as we execute in 2025.”

Fourth Quarter Highlights

Financial Results

•Revenues of $286.4 million for the quarter ended December 31, 2024, as compared to $269.0 million for the quarter ended December 31, 2023

•Net income available to common stockholders of $59.5 million, or $0.50 per diluted share, for the quarter ended December 31, 2024 as compared to $47.3 million, or $0.40 per diluted share, for the quarter ended December 31, 2023

•Funds from operations (“FFO”) of $144.9 million, or $1.20 per diluted share, for the quarter ended December 31, 2024 as compared to $129.3 million, or $1.08 per diluted share, for the quarter ended December 31, 2023

Leasing and Occupancy

•Stabilized portfolio was 82.8% occupied and 84.9% leased at December 31, 2024

•During the quarter, signed approximately 708,000 square feet of leases, the highest quarterly leasing volume achieved since the fourth quarter of 2019

◦Leasing activity was comprised of 206,000 square feet of new leasing on previously vacant space, 356,000 square feet of new leasing on currently occupied space, and 146,000 square feet of renewal leasing

▪Includes 20,000 square feet of short-term leasing, primarily comprised of 14,000 square feet of short-term renewal leasing

•GAAP rents on leases signed during the quarter increased 3.4% and cash rents decreased 8.6% from prior levels on second generation leasing, excluding short-term leasing

Investment Activity

•In December 2024, committed to invest in a PropTech venture capital fund managed by Fifth Wall. This investment highlights the Company’s commitment to driving efficiencies throughout the portfolio by leveraging technology and the Company’s significant scale in its markets

Sale of Long-Lived Asset

•In November 2024, sold the Company’s corporate aircraft for gross proceeds of $19.8 million, which resulted in a gain on sale of approximately $6.0 million, or $0.05 per diluted share

Balance Sheet

•In December 2024, repaid the aggregate remaining principal balance of $403.7 million of senior unsecured senior notes on the maturity date

Dividend

•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on January 9, 2025 to stockholders of record on December 31, 2024 (the ex-dividend date)

Full Year Highlights

Financial Results

•Revenues of $1,135.6 million for the year ended December 31, 2024, as compared to $1,129.7 million for the year ended December 31, 2023

•Net income available to common stockholders of $211.0 million, or $1.77 per diluted share, for the year ended December 31, 2024, as compared to $212.2 million, or $1.80 per diluted share for the year ended December 31, 2023

•Funds from operations (“FFO”) of $551.6 million, or $4.59 per diluted share, for the year ended December 31, 2024 as compared to $551.1 million, or $4.62 per diluted share, for the year ended December 31, 2023

Leasing and Occupancy

•During the year, signed approximately 1,778,000 square feet of leases, the highest annual leasing volume since 2019

◦Leasing activity was comprised of 536,000 square feet of new leasing on previously vacant space, 528,000 square feet of new leasing on currently occupied space, and 714,000 square feet of renewal leasing

▪Includes 361,000 square feet of short-term leasing, primarily comprised of 247,000 square feet of short-term renewal leasing

•During the quarter ended June 30, 2024, DermTech filed for bankruptcy and rejected its lease and, during the quarter ended September 30, 2024, the Company executed a 110,000 square foot short-term lease with the successor entity to facilitate DermTech’s interim operations. This lease has been excluded from the leasing productivity statistics above

•GAAP rents on leases signed during the year increased 8.2% and cash rents decreased 4.5% from prior levels on second generation leasing, excluding short-term leasing

Acquisition Activity

•During the third quarter of 2024, completed the acquisition of Junction at Del Mar, an approximately 104,000 square foot office property, comprised of two buildings in the Del Mar submarket of San Diego, for $35.0 million. The buildings are located adjacent to the Company’s One Paseo mixed-use project

Liquidity

•As of December 31, 2024, the Company had approximately $1.3 billion of total liquidity comprised of approximately $0.2 billion of cash and cash equivalents and approximately $1.1 billion available under the fully undrawn unsecured revolving credit facility

Sustainability and Corporate Social Responsibility

•During the year:

◦Achieved carbon neutral operations across the portfolio for the fifth consecutive year

◦Increased capacity from on-site solar at Company properties to over six megawatts of clean electricity

◦Listed on the U.S. EPA’s National Top 100 List of largest green power users

◦Awarded the ENERGY STAR Partner of the Year Sustained Excellence Award for the ninth consecutive year

◦Earned the highly competitive GRESB 5 Star designation for both Standing Assets and Development

◦Achieved 680,000 square feet of new ENERGY STAR certifications across the portfolio, bringing the total to over 10 million square feet of ENERGY STAR certified space

Recent Developments

•In January, received a temporary certificate of occupancy and progressed Kilroy Oyster Point Phase 2 from the under construction phase to the tenant improvement phase

Net Income Available to Common Stockholders / FFO Guidance and Outlook

The Company expects Nareit FFO for the full year 2025 of $3.85 to $4.05 per diluted share. In addition to the assumptions detailed below, 2025 guidance assumes a range of outcomes tied to the capitalization of interest expense and other carry costs related to future development projects and no impact from 2025 capital recycling activities.

Key Assumptions	2025 Guidance
Same Store Net Operating Income (“NOI”) growth (1) (2)	(1.5%) to (3.0%)
Average full year occupancy	80% to 82%
GAAP lease termination fee income	+/- $3 million
Non-Cash GAAP NOI adjustments (3)	$2 million to $5 million
General and administrative and Leasing costs	$83 million to $85 million
Interest income	+/- $6 million
Total development spending (4)	$100 million to $200 million
	Full Year 2025 Range
---	---	---
		Low End	High End
		and shares/units in thousands, except per share/unit amounts
Net income available to common stockholders per share - diluted			$	1.22
Weighted average common shares outstanding - diluted (5)		118,775	118,775
Net income available to common stockholders			$	145,000
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership		1,350	1,450
Net income attributable to noncontrolling interests in consolidated property partnerships		21,000	21,500
Depreciation and amortization of real estate assets		350,000	350,000
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships		(29,250)	(30,750)
Funds From Operations (2)			$	487,200
Weighted average common shares/units outstanding – diluted (6)		120,400	120,400
Nareit Funds From Operations per common share/unit – diluted (2)			$	4.05

All values are in US Dollars.

________________________

(1)Beginning January 1, 2025, lease termination fee income will be excluded from the Company’s definition of NOI. Same Store NOI growth guidance for 2025 excludes the impact of lease termination fee income.

(2)For additional information, please refer to Management Statements on Non-GAAP Supplemental Measures on pages 32-34 of our Supplemental Financial Report furnished on Form 8-K.

(3)Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Net effect of straight-line rents, Amortization of net below market rents, and Lease related adjustments and other.

(4)Represents cash funding of development projects, including certain amounts accrued for as of December 31, 2024.

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

(6)Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2025, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any

such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss fourth quarter results and the current business environment during the Company’s February 11, 2025 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://www.netroadshow.com/events/login?show=5a66c71e&confId=76271. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/981389424. It may be necessary to download audio software to hear the conference call.

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 December 31, 2024, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 82.8% occupied and 84.9% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 92.2%. In addition, the Company had two life science redevelopment projects in the tenant improvement phase totaling approximately 100,000 square feet with total estimated redevelopment costs of $80.0 million and one development project under construction totaling approximately 875,000 square feet with a total estimated investment of $1.0 billion.

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 at http://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; 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.

KILROY REALTY CORPORATION

SUMMARY OF QUARTERLY RESULTS

(unaudited; in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024			2023
Revenues	$	286,379	$	269,016	$	1,135,629		$	1,129,694
Net income available to common stockholders	$	59,460	$	47,284	$	210,969		$	212,241
Weighted average common shares outstanding – basic	118,047		117,240		117,649			117,160
Weighted average common shares outstanding – diluted	118,759		117,816		118,157			117,506
Net income available to common stockholders per share – basic	$	0.50	$	0.40	$	1.78		$	1.80
Net income available to common stockholders per share – diluted	$	0.50	$	0.40	$	1.77		$	1.80
Funds From Operations (1)(2)	$	144,875	$	129,257	$	551,633		$	551,116
Weighted average common shares/units outstanding – basic (3)	119,521		118,896		119,729			118,895
Weighted average common shares/units outstanding – diluted (4)	120,234		119,473		120,236			119,241
Funds From Operations per common share/unit – basic (2)	$	1.21	$	1.09	$	4.61		$	4.64
Funds From Operations per common share/unit – diluted (2)	$	1.20	$	1.08	$	4.59		$	4.62
Common shares outstanding at end of period					118,047			117,240
Common partnership units outstanding at end of period					1,151			1,151
Total common shares and units outstanding at end of period					119,198			118,391
					December 31, 2024			December 31, 2023
Stabilized office portfolio occupancy rates: (5)
Los Angeles					75.0		%	79.0		%
San Diego					89.2		%	88.6		%
San Francisco Bay Area					87.4		%	91.0		%
Seattle					80.5		%	83.4		%
Austin					74.7		%	64.9		%
Weighted average total					82.8		%	85.0		%
Total square feet of stabilized office properties owned at end of period: (5)
Los Angeles					4,340			4,345
San Diego					2,877			2,770
San Francisco Bay Area					6,171			6,170
Seattle					2,996			3,000
Austin					759			759
Total					17,143			17,044

________________________

(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.

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

	December 31, 2024		December 31, 2023
ASSETS
REAL ESTATE ASSETS:
Land and improvements	$	1,750,820	$	1,743,170
Buildings and improvements	8,598,751		8,463,674
Undeveloped land and construction in progress	2,309,624		2,034,804
Total real estate assets held for investment	12,659,195		12,241,648
Accumulated depreciation and amortization	(2,824,616)		(2,518,304)
Total real estate assets held for investment, net	9,834,579		9,723,344
Cash and cash equivalents	165,690		510,163
Marketable securities	27,965		284,670
Current receivables, net	11,033		13,609
Deferred rent receivables, net	451,996		460,979
Deferred leasing costs and acquisition-related intangible assets, net	225,937		229,705
Right of use ground lease assets	129,222		125,506
Prepaid expenses and other assets, net	51,935		53,069
TOTAL ASSETS	$	10,898,357	$	11,401,045
LIABILITIES AND EQUITY
LIABILITIES:
Secured debt, net	$	598,199	$	603,225
Unsecured debt, net	3,999,566		4,325,153
Accounts payable, accrued expenses and other liabilities	285,011		371,179
Ground lease liabilities	128,422		124,353
Accrued dividends and distributions	64,850		64,440
Deferred revenue and acquisition-related intangible liabilities, net	142,437		173,638
Rents received in advance and tenant security deposits	71,003		79,364
Total liabilities	5,289,488		5,741,352
EQUITY:
Stockholders’ Equity
Common stock	1,181		1,173
Additional paid-in capital	5,209,653		5,205,839
Retained earnings	171,212		221,149
Total stockholders’ equity	5,382,046		5,428,161
Noncontrolling Interests
Common units of the Operating Partnership	52,472		53,275
Noncontrolling interests in consolidated property partnerships	174,351		178,257
Total noncontrolling interests	226,823		231,532
Total equity	5,608,869		5,659,693
TOTAL LIABILITIES AND EQUITY	$	10,898,357	$	11,401,045

KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
REVENUES
Rental income	$	281,355	$	265,643	$	1,118,115	$	1,117,737
Other property income	5,024		3,373		17,514		11,957
Total revenues	286,379		269,016		1,135,629		1,129,694
EXPENSES
Property expenses	63,249		60,731		243,441		228,964
Real estate taxes	24,026		21,000		108,951		105,868
Ground leases	2,990		2,560		11,715		9,732
General and administrative expenses (1)	17,470		22,078		72,066		93,434
Leasing costs	2,013		1,956		8,764		6,506
Depreciation and amortization	89,121		86,016		356,182		355,278
Total expenses	198,869		194,341		801,119		799,782
OTHER INCOME (EXPENSES)
Interest income	4,790		10,696		37,752		22,592
Interest expense	(33,245)		(32,325)		(145,287)		(114,216)
Gains on sales of long-lived assets	5,979		—		5,979		—
Total other expenses	(22,476)		(21,629)		(101,556)		(91,624)
NET INCOME	65,034		53,046		232,954		238,288
Net income attributable to noncontrolling common units of the Operating Partnership	(593)		(471)		(2,062)		(2,083)
Net income attributable to noncontrolling interests in consolidated property partnerships	(4,981)		(5,291)		(19,923)		(23,964)
Total income attributable to noncontrolling interests	(5,574)		(5,762)		(21,985)		(26,047)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	59,460	$	47,284	$	210,969	$	212,241
Weighted average shares of common stock outstanding – basic	118,047		117,240		117,649		117,160
Weighted average shares of common stock outstanding – diluted	118,759		117,816		118,157		117,506
Net income available to common stockholders per share – basic	$	0.50	$	0.40	$	1.78	$	1.80
Net income available to common stockholders per share – diluted	$	0.50	$	0.40	$	1.77	$	1.80

________________________

(1)The three months and year ended December 31, 2023 includes $4.9 million and $17.0 million, respectively, of retirement costs for our former CEO and former President, primarily comprised of accelerated stock compensation expense.

KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net income available to common stockholders	$	59,460	$	47,284	$	210,969	$	212,241
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership	593		471		2,062		2,083
Net income attributable to noncontrolling interests in consolidated property partnerships	4,981		5,291		19,923		23,964
Depreciation and amortization of real estate assets	87,536		84,402		349,828		348,064
Funds From Operations attributable to noncontrolling interests in consolidated property partnerships	(7,695)		(8,191)		(31,149)		(35,236)
Funds From Operations(1)(2)(3)	$	144,875	$	129,257	$	551,633	$	551,116
Weighted average common shares/units outstanding – basic (4)	119,521		118,896		119,729		118,895
Weighted average common shares/units outstanding – diluted (5)	120,234		119,473		120,236		119,241
Funds From Operations per common share/unit – basic (2)	$	1.21	$	1.09	$	4.61	$	4.64
Funds From Operations per common share/unit – diluted (2)	$	1.20	$	1.08	$	4.59	$	4.62

________________________

(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 $4.1 million and $5.7 million for the three months ended December 31, 2024 and 2023, respectively, and $19.1 million and $20.7 million for the year ended December 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.

11