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IRVINE, Calif.--(BUSINESS WIRE)--American Healthcare REIT, Inc. (NYSE: AHR) (the “Company”) today announced that Jon Crosier has joined the Company as Chief Technology Officer. Crosier brings more than 18 years of enterprise data and technology leadership, including a decade across institutional real estate platforms, most recently as Senior Vice President and Chief Technology Officer of Kilroy Realty Corporation (NYSE: KRC) and previously with Irvine Company.Crosier will lead the continued deve.

Shares of Kilroy Realty Corporation (NYSE:KRC – Get Free Report) have been assigned a consensus rating of “Hold” from the sixteen brokerages that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $39.1333.

KRC has been the topic of a number of analyst reports. Weiss Ratings upgraded Kilroy Realty from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Needham & Company LLC reissued a “buy” rating on shares of Kilroy Realty in a research note on Monday, June 8th. Wells Fargo & Company boosted their target price on Kilroy Realty from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Monday, June 1st. Barclays upped their target price on Kilroy Realty from $31.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded Kilroy Realty from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th.

View Our Latest Report on KRC

Kilroy Realty Stock Up 0.1% Shares of Kilroy Realty stock opened at $36.24 on Friday. The company has a market cap of $4.22 billion, a P/E ratio of 25.52 and a beta of 1.11. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.65 and a current ratio of 2.65. Kilroy Realty has a one year low of $27.36 and a one year high of $45.03. The firm has a fifty day moving average of $38.11 and a two-hundred day moving average of $34.27. Kilroy Realty (NYSE:KRC – Get Free Report) last issued its earnings results on Monday, July 27th. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.73). Kilroy Realty had a net margin of 15.47% and a return on equity of 3.04%. The firm had revenue of $272.37 million during the quarter, compared to analysts’ expectations of $267.39 million. During the same period in the previous year, the firm earned $1.13 EPS. The firm’s revenue was down 6.0% on a year-over-year basis. Kilroy Realty has set its FY 2026 guidance at 3.490-3.630 EPS. On average, analysts forecast that Kilroy Realty will post 3.59 earnings per share for the current year.

Insider Transactions at Kilroy Realty In related news, Director Jolie A. Hunt sold 15,800 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $37.79, for a total value of $597,082.00. Following the sale, the director directly owned 13,892 shares of the company’s stock, valued at approximately $524,978.68. This represents a 53.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Justin William Smart sold 10,848 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $38.71, for a total transaction of $419,926.08. Following the completion of the sale, the president directly owned 519,872 shares in the company, valued at $20,124,245.12. This trade represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. 0.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kilroy Realty A number of institutional investors and hedge funds have recently bought and sold shares of KRC. Wiser Advisor Group LLC acquired a new position in shares of Kilroy Realty in the third quarter worth $32,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Kilroy Realty during the third quarter valued at $40,000. SJS Investment Consulting Inc. increased its position in Kilroy Realty by 128.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,715 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 963 shares in the last quarter. Elevation Wealth Partners LLC increased its position in Kilroy Realty by 205.4% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,463 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 984 shares in the last quarter. Finally, Horizon Investments LLC purchased a new stake in Kilroy Realty during the 4th quarter worth about $65,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.

Kilroy Realty Company Profile (Get Free Report)

Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate investment trust focused on the development, acquisition and management of high‐quality office and mixed‐use properties along the U.S. West Coast. The company’s portfolio encompasses major urban markets including Los Angeles, San Diego, the San Francisco Bay Area and Seattle. Kilroy Realty targets properties in transit‐oriented submarkets, blending workplace space with retail, residential and hospitality amenities to create vibrant, walkable neighborhoods.

Founded in the mid‐20th century by members of the Kilroy family, the company evolved from a regional landlord into one of the leading West Coast office landlords.

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Kilroy Realty Corporation (KRC) Q2 2026 Earnings Call July 28, 2026 1:00 PM EDT

Company Participants

Angela Aman - CEO & Director
Eliott Trencher - EVP & Chief Investment Officer
Jeffrey Kuehling - Treasurer, Executive VP & CFO
A. Paratte - Executive VP & Chief Leasing Officer

Conference Call Participants

Jana Galan - BofA Securities, Research Division
Seth Bergey - Citigroup Inc., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Dylan Burzinski - Green Street Advisors, LLC, Research Division
Michael Carroll - RBC Capital Markets, Research Division
John Kim - BMO Capital Markets Equity Research
Annabelle Ayer - Barclays Bank PLC, Research Division
Upal Rana - KeyBanc Capital Markets Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to the Kilroy Realty Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] On the call today are Angela Aman, CEO; Jeffrey Kuehling, EVP, CFO and Treasurer; and Eliott Trencher, EVP, CIO. In addition, Justin Smart, President; and Rob Paratte, EVP, Chief Leasing Officer will be available for Q&A.

Please note that some of the information that will be discussed during this call is forward-looking in nature. Please refer to the company's supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being webcast live on the company's website and will be available for replay. The company's earnings release and supplemental package have been filed on a Form 8-K with the SEC, and both are also available on the company's website. I will now turn the call over to Angela Aman. Please go ahead, Angela.

Angela Aman
CEO & Director

Thanks, Marina, and

Posted by Defense World Staff on Jul 28th, 2026

Bank of New York Mellon Corp trimmed its stake in shares of Kilroy Realty Corporation (NYSE:KRC – Free Report) by 7.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 978,850 shares of the real estate investment trust’s stock after selling 77,165 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.84% of Kilroy Realty worth $27,613,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wiser Advisor Group LLC bought a new position in shares of Kilroy Realty during the third quarter worth about $32,000. Caitong International Asset Management Co. Ltd acquired a new position in Kilroy Realty in the third quarter worth about $40,000. SJS Investment Consulting Inc. increased its holdings in Kilroy Realty by 128.1% in the first quarter. SJS Investment Consulting Inc. now owns 1,715 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 963 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Kilroy Realty by 36.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,888 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 502 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in Kilroy Realty during the fourth quarter valued at approximately $65,000. 94.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several equities analysts recently issued reports on KRC shares. Bank of America upgraded Kilroy Realty from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $42.00 to $44.00 in a research note on Tuesday, June 16th. Evercore upgraded shares of Kilroy Realty from an “in-line” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Monday, June 8th. Scotiabank increased their target price on shares of Kilroy Realty from $38.00 to $41.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. Needham & Company LLC restated a “buy” rating on shares of Kilroy Realty in a research report on Monday, June 8th. Finally, Wells Fargo & Company lifted their price target on shares of Kilroy Realty from $31.00 to $33.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $38.87.

Get Our Latest Research Report on Kilroy Realty

Kilroy Realty Trading Up 0.1% Kilroy Realty stock opened at $39.45 on Tuesday. Kilroy Realty Corporation has a 52-week low of $27.36 and a 52-week high of $45.03. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of 21.68 and a beta of 1.12. The firm has a 50-day moving average price of $37.42 and a two-hundred day moving average price of $34.09.

Kilroy Realty (NYSE:KRC – Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The real estate investment trust reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.30). The firm had revenue of $270.05 million during the quarter, compared to analyst estimates of $263.08 million. Kilroy Realty had a net margin of 19.59% and a return on equity of 3.89%. Kilroy Realty’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 EPS. Sell-side analysts expect that Kilroy Realty Corporation will post 3.58 earnings per share for the current year.

Kilroy Realty Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Tuesday, June 30th were issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend was Tuesday, June 30th. Kilroy Realty’s dividend payout ratio is 118.68%.

Insider Activity at Kilroy Realty In other news, President Justin William Smart sold 10,848 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $38.71, for a total transaction of $419,926.08. Following the transaction, the president directly owned 519,872 shares of the company’s stock, valued at approximately $20,124,245.12. This trade represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jolie A. Hunt sold 15,800 shares of Kilroy Realty stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $37.79, for a total transaction of $597,082.00. Following the sale, the director owned 13,892 shares in the company, valued at approximately $524,978.68. This represents a 53.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,648 shares of company stock worth $1,120,958 in the last three months. 0.83% of the stock is owned by company insiders.

Kilroy Realty Company Profile (Free Report)

Kilroy Realty Corporation (NYSE: KRC) is a publicly traded real estate investment trust focused on the development, acquisition and management of high‐quality office and mixed‐use properties along the U.S. West Coast. The company’s portfolio encompasses major urban markets including Los Angeles, San Diego, the San Francisco Bay Area and Seattle. Kilroy Realty targets properties in transit‐oriented submarkets, blending workplace space with retail, residential and hospitality amenities to create vibrant, walkable neighborhoods.

Founded in the mid‐20th century by members of the Kilroy family, the company evolved from a regional landlord into one of the leading West Coast office landlords.

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LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial and operational results for the second quarter ended June 30, 2026. “Our second quarter results highlight continuing improvement in commercial real estate fundamentals across our West Coast markets, as we work to capitalize on growing market demand against a backdrop of moderating high-quality supply,” commented Angela Aman, Chief Executive Officer. “During the second quarter.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) (the “Company”) today announced that its operating partnership, Kilroy Realty, L.P. (the “Borrower”), has closed on a fifth amended and restated senior unsecured revolving credit facility that permits borrowings of up to $1.25 billion (the “Revolving Credit Facility”). The term of the Revolving Credit Facility was extended two years and now matures July 31, 2030, prior to the exercise of available extension options. Additionally, the Borrower closed on an amended and restated senior unsecured term loan facility (the “Term Loan Facility”) that matures on July 31, 2031. The Term Loan Facility provides for a $250 million senior unsecured term loan, of which $200 million was previously outstanding under the prior term loan agreement and remains outstanding, and $50 million of which represents additional delayed draw term loan commitments available to be drawn through June 11, 2027.

“We are pleased to announce the recast of our Revolving Credit and Term Loan Facilities, which has allowed us to extend the maturity dates, improve pricing, and increase total available borrowing capacity,” stated Angela Aman, Chief Executive Officer of the Company. “We are grateful to our strong banking partnerships, which continue to provide Kilroy with robust liquidity and financial flexibility as we look to create value for all stakeholders.”

Revolving Credit Facility Key Terms Overview

Fifth Amended and Restated

Revolving Credit Facility

Previous Revolving

Credit Facility

Amount

$1.25B

$1.10B

SOFR Borrowing Spread

100 bps

110 bps

SOFR Credit Spread Adjustment

None

10 bps

Annual Facility Fee

25 bps

25 bps

Maturity Date before Extension Options

July 31, 2030

July 31, 2028

Extension Options

Two 6-Month

Two 6-Month

Term Loan Facility Key Terms Overview

Amended and Restated

Term Loan Facility

Previous Term Loan Facility

Amount

$250M

$200M

SOFR Borrowing Spread

115 bps

120 bps

SOFR Credit Spread Adjustment

None

10 bps

Maturity Date

July 31, 2031

October 3, 2026

Extension Options

None

One 1-Year

The Revolving Credit Facility was syndicated to a group of U.S. and international banks led by JPMorgan Chase Bank, N.A., BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, and U.S. Bank National Association, which acted as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, N.A. is the administrative agent for the Revolving Credit Facility and Bank of America, N.A. and Wells Fargo Bank, N.A. are the syndication agents. Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, BMO Capital Markets Corp., and Royal Bank of Canada acted as joint lead arrangers. PNC Bank, National Association, U.S. Bank National Association, Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, Barclays Bank PLC, BMO Bank, N.A., and Royal Bank of Canada acted as co-documentation agents.

The Term Loan Facility was syndicated to a group of U.S. and international banks led by JPMorgan Chase Bank, N.A., BofA Securities, Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, and U.S. Bank National Association, which acted as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, N.A. is the administrative agent for the Term Loan Facility and Bank of America, N.A. and Wells Fargo Bank, N.A. are the syndication agents. Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, and Royal Bank of Canada acted as joint lead arrangers. PNC Bank, National Association, U.S. Bank National Association, Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, and Royal Bank of Canada acted as co-documentation agents.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, 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, media, life science, and professional 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 managing, developing, and acquiring office, life science, and mixed-use projects.

As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has 608 residential units in San Diego, with a quarterly average occupancy of 95.0%.

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 actual and potential tariffs and 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 media 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, 2025, 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.

CWA Asset Management Group LLC acquired a new position in shares of Kilroy Realty Corporation (NYSE: KRC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 21,322 shares of the real estate investment trust's stock, valued at approximately $797,000.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) announced today it will release first quarter 2026 financial results after the market closes on Monday, April 27, 2026. Kilroy will hold a conference call to discuss the results at 10:00 a.m. PT / 1:00 p.m. ET on Tuesday, April 28, 2026.

To participate and obtain conference call dial-in details, register by using the following link:
https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS.

This call will be broadcast live over the Internet and can be accessed on the Investor Relations section of Kilroy’s website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx. A replay will also be available on the Company’s Investor Relations website beginning April 28, 2026 through April 27, 2027.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, 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, media, 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, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 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, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

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 actual and potential tariffs and 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 media 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, 2025, 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.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) published its fifteenth annual Sustainability Report today, providing updates on progress toward our 2030 Environmental and Social Goals, and building on the Company’s longstanding track record of sustainability leadership.

Kilroy’s 2025 Sustainability Report details the Company’s sustainability strategy, goals, performance, and impact across a wide range of environmental, social, and governance initiatives.

“Sustainability is an integral part of our business strategy and company culture,” said Angela Aman, Chief Executive Officer. “Our approach creates long-term value and fosters meaningful engagement with our employees, our existing and prospective tenants, the communities we serve, and our shareholders.”

Recent achievements announced in the 2025 Sustainability Report include:

Maintained carbon neutral operations for the sixth consecutive year Earned a five-star designation in the 2025 GRESB Real Estate Assessment for our Standing Assets and named the Regional Sector Leader in the Americas in Technology / Life Science for our Development Portfolio Received a 2026 Nareit Leader in the Light Award for Responsibility Named a 2026 Fitwel Best in Building Health Impact Award winner for Greatest Number of Recertified Projects of All-Time “Collaboration across Kilroy, as well as with our tenants and partners, has been central to our sustainability success this year,” said Sarah King, Senior Vice President, Sustainability. “Whether advancing energy efficiency projects, expanding onsite solar, sharpening our philanthropic focus, or investing in employee development, our shared commitment to environmental and social progress continues to drive meaningful results.”

The full report can be found on the Kilroy website at: https://kilroyrealty.com/sustainability/

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, 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, media, 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, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 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, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

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 actual and potential tariffs and 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 media 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, 2025, 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.

On April 15, 2026, Kilroy Realty Corp KRC shares rose 4.3% to a current price of $30.46. The stock has seen a 52-week range between $27.36 and $45.03, reflecting a significant fluctuation in investor sentiment and market conditions.

GF Value™ verdict: KRC is currently trading at $30.46, which is 11.1% below its GF Value™ of $34.27.GF Score™: KRC has a GF Score™ of 70/100, indicating an above-average ranking based on various financial metrics.Most notable signal: KRC has experienced no insider transactions in the last 3 months, suggesting a lack of recent insider confidence in the stock. Is KRC Overvalued or Undervalued? With a current price of $30.46 and a GF Value™ estimate of $34.27, Kilroy Realty Corp KRC is considered undervalued by 11.1%. This margin of safety offers a potential opportunity for investors looking to capitalize on a stock that is trading below its intrinsic value. The GF Valuation label describes KRC as "Modestly Undervalued," implying that while there is room for appreciation, caution should still be exercised due to the current market dynamics.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The relatively low price compared to its GF Value™ suggests that KRC may provide an appealing entry point, although prospective investors should consider the overall market conditions and the company's financial health before making decisions.

How Does KRC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.2x 18.8x Forward P/E 70.8x N/A KRC's current P/E ratio of 13.2x is significantly below its 5-year median P/E of 18.8x, indicating that the stock is trading at a lower valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict that KRC is undervalued, as a lower P/E ratio typically reflects an undervalued stock, especially when compared to its historical performance.

What Does KRC's GF Score™ Tell Us? Metric Rating GF Score™ 70/100 Financial Strength 4/10 Profitability 7/10 Growth 1/10 Valuation 10/10 Momentum 5/10 KRC's GF Score™ of 70/100 indicates a stock that is performing above average. The strongest area is its Valuation rank of 10/10, suggesting that the stock is attractively priced relative to its intrinsic value. However, the Growth rank of 1/10 is a significant weakness, indicating challenges in the company's growth prospects. Overall, the combination of these scores highlights KRC's current undervaluation, while also flagging potential concerns regarding its growth trajectory.

What Are Insiders Doing with KRC Stock? There have been no insider transactions involving Kilroy Realty Corp KRC in the last three months. This lack of activity may suggest that insiders are currently not making moves to buy or sell shares, which can be interpreted as a neutral signal regarding their confidence in the company's future performance. Investors often look for insider buying as a sign of confidence in the company's prospects, so the absence of such activity could indicate caution among executives.

What This Means for Investors Based on the current analysis, Kilroy Realty Corp KRC is considered modestly undervalued according to GF Value™. This presents potential opportunities for investors looking for value plays in the real estate sector. However, prospective investors should weigh the company's financial strength and growth potential against the current market environment before making decisions.

For the complete analysis, visit the Kilroy Realty Corp KRC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is KRC's GF Score™?

KRC has a GF Score™ of 70/100, indicating an above-average ranking based on financial metrics.

Is KRC overvalued or undervalued?

KRC is currently considered undervalued with a GF Value™ estimate of $34.27 compared to its market price of $30.46.

What is KRC's P/E ratio?

KRC's P/E (TTM) ratio is 13.2x, which is significantly below its 5-year median of 18.8x, indicating a lower valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter ended March 31, 2026.

“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased development project in one of the Company’s best-performing submarkets.”

Financial Results

Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for the quarter ended March 31, 2025 Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the quarter ended March 31, 2026, as compared to Net income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025 Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended March 31, 2026, as compared to $122.3 million, or $1.02 per diluted share, for the quarter ended March 31, 2025 Leasing and Occupancy

Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470 basis points of leases signed but not yet commenced Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5% occupied and 84.3% leased at March 31, 2026, representing 280 basis points of leases signed but not yet commenced During the quarter, signed approximately 568,000 square feet of leases Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant space, 80,000 square feet of new leasing on currently occupied space, and 82,000 square feet of renewal leasing New leasing on vacant space included an approximately 145,000-square-foot development lease with Cooley LLP, a global law firm. See “Joint Venture Formation” section below for additional details Leasing activity during the quarter included approximately 70,000 square feet of short-term leasing GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%, respectively, from prior levels on Second Generation leasing, excluding short-term leasing Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on leases signed during the quarter increased 19.2% and 5.2%, respectively Capital Recycling Activity

In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot, three-building campus in the I-15 Corridor submarket of San Diego, for gross sales proceeds of $124.5 million In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office property in the Del Mar submarket of San Diego, for gross sales proceeds of $21.0 million During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential tower in the Hollywood submarket of Los Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales proceeds of $202.0 million Common Stock Repurchases

During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an aggregate purchase price of $72.7 million Joint Venture Formation

In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square-foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to be 97% 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 April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date) Recent Developments

In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par Net Income Available to Common Stockholders / FFO Guidance

The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63 per diluted share, from the previous range of $3.25 to $3.45. The table below reflects key assumptions for 2026 guidance.

Key Assumptions

February 2026 Assumptions

April 2026 Assumptions

Average full year occupancy

76.0% to 78.0%

76.5% to 78.0%

Average full year occupancy excluding KOP 2

80.0% to 81.5%

80.5% to 81.5%

Same Property Cash Net Operating Income (“NOI”) growth (1) (2)

(1.50%) to 0.00%

0.25% to 1.25%

NOI from Development Properties (3)

$(23.5) to $(25.0) million

$(22.5) to $(24.0) million

Non-Cash GAAP NOI adjustments (1) (4)

$12.0 to $14.0 million

$13.0 to $15.0 million

GAAP lease termination fee income

$3.0 to $4.5 million

No change

General and administrative and Leasing costs

$(89.0) to $(91.0) million

$(87.5) to $(89.5) million

Interest income

$2.0 to $3.0 million

No change

Gross interest expense

$(212.0) to $(214.0) million

$(208.0) to $(209.5) million

Capitalized interest (5)

$32.0 to $34.0 million

$48.5 to $49.5 million

Total development spending (6)

$150.0 to $200.0 million

No change

Operating property dispositions

+/- $300.0 million

$347.5 to $500.0 million

Full Year 2026 Range

as of February 2026

Full Year 2026 Range

as of April 2026

Low End

High End

Low End

High End

$ and shares/units in thousands, except per share/unit amounts

Net income available to common stockholders per share - diluted

$

0.59

$

0.79

$

0.08

$

0.22

Weighted average common shares outstanding - diluted (7)

120,100

120,100

118,100

118,100

Net income available to common stockholders

$

70,800

$

95,040

$

9,055

$

25,743

Adjustments:

Net income attributable to noncontrolling common units of the Operating Partnership

300

300

300

300

Net income attributable to noncontrolling interests in consolidated property partnerships

17,000

17,000

17,000

17,000

Depreciation and amortization of real estate assets

342,000

342,000

379,400

379,400

Gain on sale of depreciable operating property

(8,200

)

(8,200

)

(23,525

)

(23,525

)

Impairment of real estate assets

—

—

61,778

61,778

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(28,000

)

(28,000

)

(28,000

)

(28,000

)

Funds From Operations (1)

$

393,900

$

418,140

$

416,008

$

432,696

Weighted average common shares/units outstanding – diluted (8)

121,200

121,200

119,200

119,200

Nareit Funds From Operations per common share/unit – diluted (1)

$

3.25

$

3.45

$

3.49

$

3.63

(1)

For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” of the Company’s Supplemental Financial Report furnished on Form 8-K for management statements on the Company’s non-GAAP measures.

(2)

Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.

(3)

NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(4)

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

(5)

Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(6)

Total development spending includes recently stabilized, in-process, and future development projects.

(7)

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

(8)

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 2026, 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 any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss first quarter results and the current business environment during the Company’s April 28, 2026 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://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/264481752. It may be necessary to download audio software to hear the conference call.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, 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, media, life science, and professional 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 managing, developing, and acquiring office, life science, and mixed-use projects.

As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has 608 residential units in San Diego, with a quarterly average occupancy of 95.0%.

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, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

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 actual and potential tariffs and periods of heightened inflation, and their effect on us and 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 media 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, 2025, 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 March 31,

2026

2025

Revenues

$

270,053

$

270,844

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average common shares outstanding – basic

117,637

118,195

Weighted average common shares outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

Funds From Operations (1)(2)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (3)

119,251

119,750

Weighted average common shares/units outstanding – diluted (4)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

Common shares outstanding at end of period

116,279

118,269

Common partnership units outstanding at end of period

1,134

1,151

Total common shares and units outstanding at end of period

117,413

119,420

March 31, 2026

March 31, 2025

Stabilized office portfolio occupancy rates: (5)

San Francisco Bay Area

75.2

%

86.8

%

Los Angeles

74.8

%

72.7

%

Seattle

79.3

%

78.6

%

San Diego

84.6

%

87.5

%

Austin

83.2

%

76.4

%

Weighted average total

77.6

%

81.4

%

Total square feet of stabilized office properties owned at end of period: (5)

San Francisco Bay Area

6,437

6,171

Los Angeles

4,242

4,340

Seattle

2,997

2,996

San Diego

2,689

2,870

Austin

759

759

Total

17,124

17,136

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

  March 31, 2026

December 31, 2025

ASSETS

Real Estate Assets

Land

$

1,730,514

$

1,641,913

Buildings and improvements

9,011,023

8,505,486

Undeveloped land and construction in progress

1,585,042

2,387,742

Total real estate assets held for investment

12,326,579

12,535,141

Accumulated depreciation and amortization

(2,857,265

)

(2,843,811

)

Total real estate assets held for investment, net

9,469,314

9,691,330

Real estate and other assets held for sale, net

188,771

115,155

Cash and cash equivalents

192,904

179,316

Marketable securities

31,417

30,807

Current receivables, net

15,712

12,765

Deferred rent receivables, net

425,420

424,794

Deferred leasing costs and acquisition-related intangible assets, net

271,213

278,232

Right of use ground lease assets, net

127,834

128,116

Prepaid expenses and other assets, net

52,273

54,561

TOTAL ASSETS

$

10,774,858

$

10,915,076

LIABILITIES AND EQUITY

Liabilities:

Secured debt, net

$

591,398

$

592,685

Unsecured debt, net

3,997,993

3,996,774

Accounts payable, accrued expenses, and other liabilities

303,808

288,963

Ground lease liabilities

127,414

127,628

Accrued dividends and distributions

63,421

65,009

Deferred revenue and acquisition-related intangible liabilities, net

122,272

125,628

Rents received in advance and tenant security deposits

79,638

75,701

Liabilities related to real estate assets held for sale

—

4,945

Total liabilities

5,285,944

5,277,333

Equity:

Stockholders’ Equity

Common stock

1,163

1,184

Additional paid-in capital

5,161,140

5,230,747

Retained earnings

102,859

188,876

Total stockholders’ equity

5,265,162

5,420,807

Noncontrolling Interests

Common units of the Operating Partnership

51,328

51,911

Consolidated property partnerships

172,424

165,025

Total noncontrolling interests

223,752

216,936

Total equity

5,488,914

5,637,743

TOTAL LIABILITIES AND EQUITY

$

10,774,858

$

10,915,076

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Revenues

Rental income

$

265,330

$

266,244

Other property income

4,723

4,600

Total revenues

270,053

270,844

Expenses

Property expenses

59,283

58,714

Real estate taxes

28,782

28,365

Ground leases

3,187

3,020

General and administrative expenses

20,699

16,901

Leasing costs

3,010

2,873

Depreciation and amortization

94,344

87,119

Total expenses

209,305

196,992

Other Income (Expenses)

Interest income

954

1,134

Interest expense

(38,511

)

(31,148

)

Other income (expense)

389

(157

)

Gains on sales of depreciable operating properties

23,525

—

Impairment of real estate assets

(61,778

)

—

Total other expenses

(75,421

)

(30,171

)

Net (loss) income

(14,673

)

43,681

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

185

(375

)

Net income attributable to noncontrolling interests in consolidated property partnerships

(4,779

)

(4,298

)

Total net income attributable to noncontrolling interests

(4,594

)

(4,673

)

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average shares of common stock outstanding – basic

117,637

118,195

Weighted average shares of common stock outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net (loss) income

$

(14,673

)

$

43,681

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization of real estate assets and leasing costs

92,885

85,735

Depreciation of non-real estate furniture, fixtures, and equipment

1,459

1,384

Revenues deemed uncollectible

358

621

Non-cash amortization of deferred revenue related to tenant-funded tenant improvements

(3,218

)

(3,688

)

Straight-line rents, net

(701

)

4,613

Non-cash amortization of net below-market rents

(641

)

(846

)

Non-cash amortization of deferred financing costs and debt discounts

1,662

1,219

Non-cash amortization of share-based compensation awards

4,869

3,927

Amortization of right of use ground lease assets

282

273

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Net change in other operating assets

131

(21,886

)

Net change in other operating liabilities

30,029

21,888

Net cash provided by operating activities

150,695

136,921

Cash flows from investing activities:

Expenditures for development and redevelopment properties and undeveloped land

(102,647

)

(55,347

)

Expenditures for operating properties and other capital assets

(29,945

)

(21,313

)

Net proceeds received from dispositions of real estate assets

141,440

—

Non-refundable deposits received for future dispositions

6,200

—

Net cash provided by (used in) investing activities

15,048

(76,660

)

Cash flows from financing activities:

Distributions to noncontrolling interests in consolidated property partnerships

(6,380

)

(7,226

)

Dividends and distributions paid to common stockholders and common unitholders

(64,534

)

(64,366

)

Taxes paid upon net share settlement of restricted share units

(6,970

)

(6,009

)

Principal payments and repayments of secured debt

(1,600

)

(1,539

)

Repurchase of common stock

(72,671

)

—

Financing costs

—

(100

)

Net cash used in financing activities

(152,155

)

(79,240

)

Net increase (decrease) in cash and cash equivalents

13,588

(18,979

)

Cash and cash equivalents, beginning of period

179,316

165,690

Cash and cash equivalents, end of period

$

192,904

$

146,711

  KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Adjustments:

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185

)

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,298

Depreciation and amortization of real estate assets

92,885

85,735

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(7,619

)

(7,106

)

Funds From Operations (1)(2)(3)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (4)

119,251

119,750

Weighted average common shares/units outstanding – diluted (5)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

(1)

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.

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.

(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 $3.2 million and $3.7 million for the three months ended March 31, 2026 and 2025, 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.

For the quarter ended March 2026, Kilroy Realty (KRC - Free Report) reported revenue of $270.05 million, down 0.3% over the same period last year. EPS came in at $0.91, compared to $0.33 in the year-ago quarter.

The reported revenue represents a surprise of -0.02% over the Zacks Consensus Estimate of $270.11 million. With the consensus EPS estimate being $0.88, the EPS surprise was +4.04%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Kilroy Realty performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Earnings Per Share (Diluted): $-0.16 compared to the $0.14 average estimate based on two analysts.Revenues- Rental income: $265.33 million compared to the $267.49 million average estimate based on two analysts. The reported number represents a change of -0.3% year over year.Revenues- Other property income: $4.72 million versus the two-analyst average estimate of $4.79 million. The reported number represents a year-over-year change of +2.7%.View all Key Company Metrics for Kilroy Realty here>>>

Shares of Kilroy Realty have returned +13.9% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Kilroy Realty remains a compelling Buy, offering a 6.3% yield and trading at 10x forward P/FFO, well below its historical average. KRC's leasing momentum is accelerating, fueled by robust AI-driven demand and a strong pipeline of signed but not yet commenced leases. Occupancy recovery is visible, with management raising full-year guidance and KOP 2's life science space outperforming the broader market.

The Picks and Axes Strategy: Avoid the speculation of picking AI tech winners; own the irreplaceable West Coast real estate held by Kilroy Realty Corporation where their teams live. Over 75% of all domestic venture capital funding for artificial intelligence flows directly through KRC's primary geographic markets. AI real estate demand is inherently compounding—90% of signed leases are expansionary, with scaling firms routinely tripling their original footprint.