Kilroy Realty Corporation (the “Company”) is a self-administered real estate investment trust (“REIT”) active in premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world’s leading technology, media, life science, and professional services companies and we have been consistently recognized for our leadership in sustainability and building operations. We own, manage, develop, and acquire primarily premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, which are markets we believe have long-term strategic advantages and strong barriers to entry. The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “KRC.”

We own our interests in all of our real estate assets through Kilroy Realty, L.P. (the “Operating Partnership”) and conduct substantially all of our operations through the Operating Partnership. Unless stated otherwise or the context otherwise requires, the terms “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” refer to Kilroy Realty Corporation and its consolidated subsidiaries, including the Operating Partnership, and the term “Operating Partnership” refers to Kilroy Realty, L.P. and its consolidated subsidiaries. The descriptions of our business, employees, and properties apply to both the Company and the Operating Partnership.

Our stabilized portfolio includes all properties except properties under development and redevelopment or in the tenant improvement phase, undeveloped land, and real estate assets held for sale, if any. As of March 31, 2026, we classified two of our residential properties in Los Angeles, CA, as held for sale. See Note 2 “Dispositions and Real Estate Held for Sale” for additional information. Redevelopment properties are those for which we expect to spend significant costs to change their use, with the intention of improving economic return. Properties in the tenant improvement phase are ready for tenant modifications after reaching “cold shell condition,” which may require additional base building modifications. Projects in the tenant improvement phase are moved into our stabilized portfolio once the project reaches the earlier of 95% occupancy or one year from the date of the cessation of major base building construction activities. Capitalized development costs are transferred to relevant asset categories on the balance sheet as projects or phases of projects are placed in service.

Consolidated Property Partnership

Property Address

Ownership Interest (1) (2)

100 First Street Member, LLC (“100 First LLC”)

100 1st Street, San Francisco, CA 94105

56%

303 Second Street Member, LLC (“303 Second LLC”)

303 2nd Street, San Francisco, CA 94107

56%

Redwood City Partners, LLC (“Redwood LLC”)

900 Jefferson Avenue, Redwood City, CA 94063

93%

900 Middlefield Road, Redwood City, CA 94063

1900 Broadway Partners, LLC (“1900 Broadway LLC”) (3)

1900 Broadway, Redwood City, CA 94063

97%

(1)For 100 First Street LLC, 303 Second LLC, and Redwood LLC, reflects the Company’s ownership percentage at time of agreement. For Redwood LLC, actual percentage may vary depending on cash flows or promote structure. For 1900 Broadway LLC, reflects expected ownership percentage upon completion of construction.

As of March 31, 2026, the Company owned an approximate 99.0% common general partnership interest in the Operating Partnership, and the remaining approximate 1.0% common limited partnership interest in the Operating Partnership was owned by non-affiliated investors. Both the general and limited common partnership interests in the Operating Partnership are denominated in common units. Generally, the number of common units held by the Company is equivalent to the number of outstanding shares of the Company’s common stock, and the rights of all the common units to quarterly distributions and payments in liquidation mirror those of the Company’s common stockholders. The common limited partners have certain redemption rights as provided in the Operating Partnership’s Seventh Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”).

With the exception of the Operating Partnership and our Consolidated Property Partnerships, all of our subsidiaries are wholly-owned. The consolidated financial statements of the Operating Partnership include the consolidated financial position and results of operations of the Operating Partnership, the Consolidated Property Partnerships, and all of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

The accompanying interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements reflect all adjustments of a normal and recurring nature that are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The interim financial statements for the Company and the Operating Partnership should be read in conjunction with the audited consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025.

During the three months ended March 31, 2026, the Company combined certain line items in the Consolidated Statements of Equity. The Company determined that separate disclosure for certain line items was not meaningful to the users of the financial statements. The settlement of restricted stock units for shares of common stock is now presented net of shares withheld and payments made to settle tax obligations. Historical presentation has been revised to conform with the current period presentation. These presentation changes did not affect the total equity balance, net income, or earnings per share in any of the periods reported.

The Operating Partnership is a variable interest entity (“VIE”) that is consolidated by the Company as the primary beneficiary, as the Operating Partnership is a limited partnership in which the common limited partners do not have substantive kick-out or participating rights. At March 31, 2026, the consolidated financial statements of the Company included three VIEs in addition to the Operating Partnership: 100 First LLC, 303 Second LLC, and 1900 Broadway LLC. At December 31, 2025, the consolidated financial statements of the Company included two VIEs in addition to the Operating Partnership: 100 First LLC and 303 Second LLC. The Company and the Operating Partnership were determined to be the primary beneficiaries of these VIEs at March 31, 2026 and December 31, 2025, since we had the ability to control the activities that most significantly

impact each of the VIEs’ economic performance. Revenues, income, and net assets generated by 100 First LLC, 303 Second LLC, and 1900 Broadway LLC may only be used to settle their contractual obligations, which primarily consist of operating expenses, capital expenditures, and required distributions. The following table summarizes the total assets, liabilities, and noncontrolling interests included on our consolidated balance sheets attributable to these VIEs:

In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The ASU is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating whether the guidance will have a material impact on our consolidated financial statements or notes to our consolidated financial statements.