KILROY REALTY CORP (KRC)

Kilroy Realty Corporation is a self-administered real estate investment trust (REIT) focused on premier office, life science, and mixed-use properties in the United States. It owns, develops, acquires, and manages real estate assets, primarily in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, markets it believes have strategic advantages and strong barriers to entry. The company and its predecessors have developed commercial real estate on the West Coast since 1947. It owns its assets and conducts substantially all of its operations through its Operating Partnership, in which it held an approximate 99.1% general partnership interest at December 31, 2025. The company has one reportable segment.

At December 31, 2025, the stabilized portfolio included 121 office buildings (including stabilized life science and retail space) with about 16.3 million rentable square feet, 438 tenants, and 81.6% economic occupancy. It also included three stabilized residential properties with 1,001 units and 94.1% average occupancy in 2025. Excluded from the stabilized portfolio were one held-for-sale property of three buildings (427,764 square feet), one in-process development project in the tenant improvement phase (about 871,738 estimated square feet), and eight potential future development sites. The company's strategies cover operations, capital recycling, development and redevelopment, financing, and sustainability. It builds new projects to LEED specifications, aims to include green lease language in new leases, and reports carbon neutral operations since 2020.

Its tenants include leading technology, life science and healthcare, media, and business services companies. Technology companies made up 51% of office annualized base rental revenues at year-end 2025, and the 20 largest tenants represented about 53.7% of total annualized base rental revenues. All properties are in California except ten stabilized office properties and one future development project in Washington, and one stabilized office property and one future development project in Austin, Texas. Some tenants, mainly in life sciences, handle hazardous substances on about 1-2% of the stabilized portfolio's square footage.

The company competes with other developers, owners, operators, and acquirers of office and life science properties, undeveloped land, and other commercial, mixed-use, and residential real estate, many in the same submarkets. It relies on internal property management, leasing, marketing, financing, accounting, legal, and construction and development management functions, and had 241 employees at year-end 2025. It funds itself through operating cash flow, an unsecured revolving credit facility, an unsecured term loan, public or private debt and equity issuance, and asset sales, and seeks to maintain an investment grade rating. It was incorporated in Maryland in 1996 and is headquartered in Los Angeles, California.