Kilroy Realty, L.P. Prices $400 Million of 6.250% Senior Notes Due 2036

Kilroy Realty Corporation (NYSE: KRC) (the “Company”) today announced that its operating partnership, Kilroy Realty, L.P., has priced an underwritten public offering of $400 million aggregate principal amount of 6.250% senior notes due 2036 (the “Notes”). The Notes will pay interest semi-annually at a rate of 6.250% per annum on January 15 and July 15 of each year, commencing July 15, 2024, mature on January 15, 2036 and are guaranteed by the Company. The Notes are being offered at a price equal to 98.879% of the principal amount, plus accrued interest, if any, with a yield to maturity of 6.385%. The offering is expected to close on January 12, 2024, subject to the satisfaction of customary closing conditions.

BofA Securities, J.P. Morgan, Wells Fargo Securities, PNC Capital Markets LLC, Scotiabank, Barclays, BMO Capital Markets, KeyBanc Capital Markets, SMBC Nikko and US Bancorp acted as joint book-running managers; and BNY Mellon Capital Markets, LLC acted as co-manager of the offering.

Net proceeds from the offering are expected to be approximately $392 million, after deducting the underwriting discount and the Company’s estimated expenses. The Company intends to use net proceeds from the offering to redeem or repay indebtedness and, to the extent not used for such purpose, for other general corporate purposes that may include funding development projects and acquiring land and properties. The Company may also hold net proceeds in cash, cash equivalents and/or marketable securities. Such indebtedness to be redeemed or repaid is expected to include $200 million of borrowings under the operating partnership’s term loan facility and may include borrowings, if any, under the operating partnership’s revolving credit facility.

The Notes are being offered pursuant to an effective shelf registration statement filed by Kilroy Realty Corporation and Kilroy Realty, L.P. with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of the prospectus supplement and accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, by telephone (toll free) 1-800-294-1322, Email: [e-mail], by telephone (toll free) at 1-800-294-1322, J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk – 3rd Floor, by telephone collect at 1-212-834-4533, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: [e-mail], by telephone (toll free) at 1-800-645-3751, PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, Pennsylvania 15222, by telephone (toll free) at 1-855-881-0697 or Scotia Capital (USA) Inc., 250 Vesey Street, New York, New York 10281, by telephone at 212-225-5501.