This report does not constitute a rating action. Kilroy’s leasing activity improved substantially over the past year amid improving West Coast market office fundamentals. During the three months ended Sept. 30, 2026, Kilroy leased approximately 815,000 square feet, bringing year-to-date total leasing volume to more than 1.75 million square feet. This represents an approximate 44% increase compared with the same period last year. Leasing economics were healthy, with GAAP and cash rent spreads increasing 30.6% and 9.7%, respectively, from prior levels. As of Sept. 30, 2026, Kilroy’s portfolio was 76.9% occupied (down from 81.0% one year prior) and 83.0% leased (versus 83.3%), representing a spread between billed and leased occupancy of 610 basis points (bps). This spread represents approximately $101
