Kilroy Realty Signs Leases Totaling 190,000 Square Feet During the Second Quarter

Kilroy Realty Corporation (NYSE: KRC, "Kilroy") today announced it signed new or renewing leases on approximately 190,000 square feet in its stabilized portfolio to date during the second quarter. The leasing activity was spread across several of its West Coast markets, including San Diego, Los Angeles, Seattle and the San Francisco Bay Area. Average rents in the recently executed leases were up approximately 22% on a cash basis and 39% on a GAAP basis over the prior leases. The average term of the agreements was 7.5 years and approximately 90% were new leases. In 2022, KRC has signed new or renewing leases on over 375,000 square feet in its stabilized portfolio. The portfolio is currently 93% leased.

Included in the 190,000 square feet of leasing activity was a new 11-year lease with Blue Shield of California for 72,000 square feet of office space at the recently modernized Aero Campus in the Long Beach Airport submarket. Additionally, the company signed an approximately 8-year lease with a media & entertainment company for 58,000 square feet in Santa Monica. With the completion of these transactions, KRC’s stabilized portfolio has no expirations greater than 40,000 square feet until 2023.

About Kilroy Realty Corporation

Kilroy Realty Corporation (NYSE: KRC, the “company”, “Kilroy”) is a leading U.S. landlord and developer, with operations in San Diego, Greater Los Angeles, the San Francisco Bay Area, the Pacific Northwest and Austin, Texas. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, entertainment, life science and business services companies.

The company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office, life science and mixed-use projects.

As of March 31, 2022, Kilroy’s stabilized portfolio totaled approximately 15.2 million square feet of primarily office and life science space that was 91.3% occupied and 93.1% leased. The company also had more than 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 93.7%. In addition, the company had three in-process life science redevelopment projects with total estimated redevelopment costs of $115.0 million, totaling 330,000 square feet, and five in-process development projects with an estimated total investment of $2.2 billion, totaling approximately 2.6 million square feet of office and life science space. The in-process development and redevelopment office and life science space was 51% leased.