Kilroy Realty Corporation (KRC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de bienes raíces comerciales, Kilroy Realty Corporation (KRC) emerge como una fuerza pionera, transformando los espacios de oficina tradicionales en ecosistemas vibrantes y sostenibles para la tecnología y la innovación. Al posicionar estratégicamente las propiedades premium en los mercados de la costa oeste, KRC ha creado un modelo de negocio único que va más allá del mero desarrollo de la propiedad, creando espacios de trabajo inteligentes que atraen a empresas tecnológicas líderes, empresas de capital de riesgo y empresas creativas. Su enfoque combina el diseño de vanguardia, la conciencia ambiental y la ubicación estratégica para ofrecer propuestas de valor incomparables que redefinen los bienes inmuebles corporativos modernos.

Kilroy Realty Corporation (KRC) - Modelo de negocios: asociaciones clave

Principales empresas de tecnología que buscan espacios innovadores de oficina

A partir del cuarto trimestre de 2023, Kilroy Realty ha establecido asociaciones con empresas de tecnología en los mercados clave:

Socio tecnológico	Ubicación de la oficina	Pies cuadrados
Google	San Francisco, CA	350,000 pies cuadrados
Amazonas	Seattle, WA	275,000 pies cuadrados
Meta (Facebook)	Menlo Park, CA	425,000 pies cuadrados

Llamar a las empresas de inversión inmobiliaria y socios de capital

Las inversiones clave de Capital Partnership de Kilroy a partir de 2024:

• Blackstone Real Estate Partners: $ 500 millones de empresa conjunta
• Goldman Sachs Real Estate Investments: $ 375 millones de asociación estratégica
• Morgan Stanley Real Estate Fund: $ 425 millones de inversión colaborativa

Empresas de diseño y construcción sostenibles

Métricas de asociación de sostenibilidad:

Empresa asociada	Proyectos de certificación verde	Desarrollos de platino de leed
Skanska	7 proyectos	3 desarrollos
Construcción de Turner	5 proyectos	2 desarrollos

Proveedores de servicios de administración de propiedades y mantenimiento

Detalles de la asociación de mantenimiento:

• Grupo CBRE: Gestión de 2.3 millones de pies cuadrados de Kilroy Properties
• JLL (Jones Lang LaSalle): Servicio de 1.8 millones de pies cuadrados
• Cushman & Wakefield: Mantener 1,5 millones de pies cuadrados

Gobierno local y agencias de desarrollo urbano

Inversiones de asociación gubernamental:

Ciudad/agencia	Proyecto colaborativo	Monto de la inversión
Desarrollo económico de San Diego	Distrito de innovación del centro	$ 125 millones
Departamento de Planificación de San Francisco	Desarrollo de la bahía de misión	$ 215 millones

Kilroy Realty Corporation (KRC) - Modelo de negocio: actividades clave

Desarrollar y gestionar bienes inmuebles comerciales de alta calidad

A partir del cuarto trimestre de 2023, Kilroy Realty Corporation administra una cartera total de 14.7 millones de pies cuadrados rentables en los mercados de la costa oeste. La tubería de desarrollo de propiedades de la compañía incluye 2.1 millones de pies cuadrados de proyectos de desarrollo activo.

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Propiedades de la oficina	14.7 millones	93.4%
Desarrollo activo	2.1 millones	N / A

Centrarse en propiedades innovadoras y sostenibles en los mercados de la costa oeste

Kilroy Realty concentra sus operaciones en los mercados de la costa oeste de Key, incluyendo:

• Área de la Bahía de San Francisco
• San Diego
• Los Ángeles
• Seattle

Implementación de tecnologías y prácticas de construcción ecológica

La compañía ha logrado Certificación 100% LEED por su cartera operativa estabilizada. En 2023, Kilroy invirtió $ 45.3 millones en iniciativas de sostenibilidad.

Métrica de sostenibilidad	2023 rendimiento
Propiedades certificadas LEED	100%
Inversión de sostenibilidad	$ 45.3 millones
Reducción de emisiones de carbono	32% desde 2016

Arrendamiento y gestión de espacios de oficina premium

En 2023, Kilroy ejecutó 1.1 millones de pies cuadrados de actividad de arrendamiento total con una tasa de arrendamiento promedio de $ 59.15 por pie cuadrado.

• Actividad de arrendamiento total: 1.1 millones de pies cuadrados
• Tasa de arrendamiento promedio: $ 59.15 por pie cuadrado
• Término de arrendamiento promedio ponderado: 7.4 años

Adquisición de propiedades estratégicas y optimización de cartera

Kilroy Realty completó adquisiciones de propiedades por un total de $ 237 millones en 2023, centrándose en ubicaciones estratégicas del mercado de la costa oeste.

Métrica de adquisición	Valor 2023
Gasto total de adquisición	$ 237 millones
Número de propiedades adquiridas	3 propiedades
Valor de propiedad promedio	$ 79 millones

Kilroy Realty Corporation (KRC) - Modelo de negocio: recursos clave

Extensa cartera de propiedades de la oficina de Clase A

A partir del cuarto trimestre de 2023, Kilroy Realty Corporation posee 15 millones de pies cuadrados de propiedades de la oficina en los mercados de la costa oeste. Valor total de la cartera: $ 8.1 mil millones.

Mercado	Total de pies cuadrados	Tasa de ocupación
Área de la Bahía de San Francisco	5.2 millones	93.6%
Los Ángeles	3.7 millones	91.2%
San Diego	2.6 millones	94.5%
Seattle	3.5 millones	92.8%

Capacidades de capital financiero y de inversión

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 10.2 mil millones
• Capitalización de mercado: $ 6.3 mil millones
• Deuda total: $ 3.8 mil millones
• Relación de deuda / capital: 0.62

Equipo de desarrollo y gestión de bienes raíces

Estadísticas de personal clave:

• Total de empleados: 412
• Promedio de la tenencia del empleado: 8.5 años
• Senior ejecutivos con más de 15 años de experiencia inmobiliaria: 7

Infraestructura tecnológica

Detalles de la inversión tecnológica:

• Presupuesto de tecnología anual: $ 18.5 millones
• Plataformas de gestión de activos digitales: 3
• Inversión de ciberseguridad: $ 4.2 millones anuales

Ubicaciones de bienes raíces principales

Ubicación	Conteo de propiedades	Área total (SQ FT)
San Francisco	12	2.8 millones
Los Ángeles	9	2.3 millones
San Diego	6	1.5 millones
Seattle	8	2.1 millones

Kilroy Realty Corporation (KRC) - Modelo de negocio: propuestas de valor

Espacios de oficina premium, tecnológicamente avanzados

A partir del cuarto trimestre de 2023, Kilroy Realty posee 15.8 millones de pies cuadrados de propiedades de la oficina. Tasas de alquiler promedio para espacios de oficina de Clase A en mercados clave:

Mercado	Tasa de alquiler promedio ($/pies cuadrados)
San Francisco	$87.50
San Diego	$45.25
Los Ángeles	$62.75

Diseños de edificios sostenibles y ambientalmente conscientes

Métricas de sostenibilidad de Kilroy Realty:

• 92% de la cartera LEED certificada
• Reducción del 35% en las emisiones de carbono desde 2016
• $ 30.5 millones invertidos en iniciativas de sostenibilidad en 2023

Ubicaciones estratégicas en mercados de tecnología de alto crecimiento

Distribución de la cartera geográfica:

Mercado	Porcentaje de cartera
Área de la Bahía de San Francisco	37%
Sur de California	33%
San Diego	20%
Noroeste del Pacífico	10%

Soluciones de espacio de trabajo flexible y moderno

Opciones de configuración del espacio de trabajo:

• Términos de arrendamiento flexibles que van de 3 a 10 años
• Capacidades de diseño modular en el 85% de las propiedades
• Infraestructura tecnológica que admite modelos de trabajo híbrido

Creación de valor a largo plazo para inversores e inquilinos

Indicadores de desempeño financiero:

Métrico	Valor 2023
Fondos de Operaciones (FFO)	$ 521.4 millones
Rendimiento de dividendos	3.8%
Retorno total (2023)	12.6%

Kilroy Realty Corporation (KRC) - Modelo de negocios: relaciones con los clientes

Compromiso y apoyo de inquilinos personalizados

A partir del cuarto trimestre de 2023, Kilroy Realty administra 15.9 millones de pies cuadrados de propiedades de oficinas y ciencias de la vida con una tasa de ocupación del 97.4%. La compañía mantiene equipos de apoyo directo de inquilinos en los mercados clave en California y el noroeste del Pacífico.

Métricas de atención al cliente	2023 datos
Tiempo de respuesta promedio	2.3 horas
Tasa de satisfacción del inquilino	92.6%
Gerentes de cuentas dedicados	38 profesionales

Contratos de arrendamiento a largo plazo con los principales clientes corporativos

La cartera de Kilroy incluye arrendamientos a largo plazo con tecnología prominente y compañías de ciencias de la vida.

• Término de arrendamiento promedio: 7.2 años
• Los 10 inquilinos principales representan el 39% de los ingresos por alquiler totales
• Vestimato de arrendamiento promedio ponderado: 2029

Servicios de administración de propiedades proactivas

La compañía invierte $ 24.3 millones anuales en mantenimiento de la propiedad y actualizaciones tecnológicas para mejorar la experiencia del inquilino.

Inversión de administración de propiedades	Gasto anual
Actualizaciones de infraestructura	$ 14.7 millones
Integración tecnológica	$ 6.2 millones
Iniciativas de sostenibilidad	$ 3.4 millones

Plataformas de comunicación digital para interacciones de inquilinos

Kilroy ha implementado una plataforma integral de participación de inquilinos digitales con una tasa de adopción del 87% entre los inquilinos actuales.

• Aplicación móvil para solicitudes de mantenimiento
• Canales de comunicación en tiempo real
• Sistemas de pago y gestión de arrendamiento en línea

Programas de mejora y actualización de la propiedad continua

En 2023, Kilroy completó $ 42.6 millones en proyectos de mejora de la propiedad en su cartera.

Categoría de actualización	Monto de la inversión
Infraestructura tecnológica	$ 18.3 millones
Eficiencia energética	$ 12.4 millones
Modernización del espacio de trabajo	$ 11.9 millones

Kilroy Realty Corporation (KRC) - Modelo de negocios: canales

Equipos de arrendamiento directo

Kilroy Realty Corporation mantiene un equipo de arrendamiento interno de 42 profesionales a partir del cuarto trimestre de 2023. El equipo cubre 12.1 millones de pies cuadrados de cartera de bienes raíces comerciales en los principales mercados de la costa oeste.

Cobertura del mercado	Tamaño del equipo de arrendamiento	Total de pies cuadrados gestionados
Área de la Bahía de San Francisco	18 profesionales	5.3 millones de pies cuadrados
Los Ángeles	12 profesionales	4.2 millones de pies cuadrados
San Diego	7 profesionales	2.6 millones de pies cuadrados
Seattle	5 profesionales	1.0 millones de pies cuadrados

Sitios web de bienes raíces corporativas

El sitio web corporativo de Kilroy Realty (kilroy.com) recibe 87,500 visitantes únicos mensualmente con una duración de sesión promedio de 3.2 minutos en 2023.

• El tráfico del sitio web aumentó un 22% año tras año
• Listados de propiedades en línea vistas 42,300 veces al mes
• Solicitudes de gira de propiedad digital: 1.250 por trimestre

Corredores de bienes raíces comerciales

Kilroy Realty colabora con 163 empresas externas de corretaje de bienes raíces comerciales en los mercados de la costa oeste.

Broker Network Metrics	2023 datos
Partnia de corretaje total	163 empresas
Transacciones de arrendamiento a través de corredores	78 completado
Valor de arrendamiento total a través de corredores	$ 412.6 millones

Plataformas de marketing digital

Kilroy Realty utiliza múltiples canales de marketing digital con estrategias de participación específicas.

• Seguidores de LinkedIn: 24,700
• Seguidores de Twitter: 8,900
• Gasto en anuncios digitales: $ 1.2 millones en 2023
• Tasa de conversión de marketing digital dirigido: 3.7%

Conferencias de la industria y eventos de redes

Kilroy Realty participó en 17 conferencias inmobiliarias comerciales en 2023, generando 392 clientes potenciales directos.

Tipo de evento	Número de eventos	Cables generados
Conferencias nacionales	7	189 pistas
Conferencias regionales	10	203 cables

Kilroy Realty Corporation (KRC) - Modelo de negocio: segmentos de clientes

Empresas tecnológicas

A partir de 2024, Kilroy Realty se dirige a compañías de tecnología con 1,626,000 pies cuadrados de espacio de oficinas en los mercados de innovación clave. La tecnología primaria segmentos de clientes incluyen:

Segmento	Tasa de ocupación	Tamaño de arrendamiento promedio
Compañías de software	92.3%	45,000 pies cuadrados
Empresas de computación en la nube	88.7%	35,000 pies cuadrados
Empresas de ciberseguridad	85.6%	25,000 pies cuadrados

Empresas de servicios profesionales

Kilroy Realty sirve a empresas de servicios profesionales con configuraciones de oficina especializadas:

• Empresas de consultoría que representan el 18.5% de la tenencia de la cartera
• Servicios legales que ocupan el 12.3% del espacio comercial total
• Empresas de asesoramiento financiero que comprenden el 9.7% de la mezcla de inquilinos

Capital de riesgo y ecosistemas de inicio

Inquilino del ecosistema de inicio profile:

Etapa de inicio	Porcentaje del inquilino	Términos de arrendamiento promedio
Etapa temprana	22.4%	3-5 años
Etapa de crecimiento	15.6%	5-7 años
Startups establecidas	11.2%	7-10 años

Grandes empresas corporativas

Desglose de inquilinos corporativos por industria:

• Corporaciones de tecnología: 34.5% del tenencia corporativa total
• Servicios financieros: 22.7% de la cartera corporativa
• Organizaciones de atención médica: 15.3% de los inquilinos corporativos

Sectores de la industria creativa e innovador

Composición de inquilinos de la industria creativa:

Sector industrial	Porcentaje de cartera	Tasa de alquiler promedio
Producción de medios	8.6%	$ 65.50/pies cuadrados
Estudios de diseño	6.2%	$ 58.75/pies cuadrados
Marketing digital	5.9%	$ 62.30/pies cuadrados

Kilroy Realty Corporation (KRC) - Modelo de negocio: Estructura de costos

Desarrollo de propiedades y gastos de construcción

Para el año fiscal 2023, Kilroy Realty Corporation reportó costos totales de desarrollo y construcción de $ 542.3 millones. El desglose de estos gastos incluye:

Categoría de gastos	Monto ($)
Adquisición de tierras	186.7 millones
Materiales de construcción	214.5 millones
Costos laborales	141.1 millones

Mantenimiento y operaciones de propiedad en curso

Los gastos anuales de mantenimiento y operaciones de la propiedad para 2023 totalizaron $ 124.6 millones, con los siguientes componentes clave:

• Mantenimiento de rutina: $ 47.2 millones
• Gestión de servicios públicos: $ 36.8 millones
• Reparación y renovación: $ 40.6 millones

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 89.3 millones, estructurada de la siguiente manera:

Categoría de compensación	Monto ($)
Salarios base	62.7 millones
Bonos de rendimiento	15.4 millones
Beneficios y seguro	11.2 millones

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura para 2023 ascendieron a $ 37.5 millones, asignadas a través de:

• Infraestructura: $ 18.2 millones
• Software y plataformas digitales: $ 12.7 millones
• Mejoras de ciberseguridad: $ 6.6 millones

Costos de adquisición de marketing y arrendamiento

Los gastos de marketing y arrendamiento para 2023 fueron de $ 29.8 millones, distribuidos de la siguiente manera:

Categoría de gastos de marketing	Monto ($)
Marketing digital	12.4 millones
Comisiones de corredores	10.9 millones
Materiales promocionales	6.5 millones

Kilroy Realty Corporation (KRC) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento comercial a largo plazo

A partir del cuarto trimestre de 2023, Kilroy Realty Corporation reportó ingresos totales de arrendamiento de $ 423.1 millones. La cartera de la compañía consta de 15.3 millones de pies cuadrados de propiedades de oficinas y ciencias de la vida ubicadas principalmente en los mercados de la costa oeste.

Tipo de arrendamiento	Ingresos anuales	Tasa de ocupación
Arrendamientos de oficina	$ 312.5 millones	93.4%
Arrendamientos de ciencias de la vida	$ 110.6 millones	96.2%

Ingresos de alquiler de propiedades

En 2023, Kilroy Realty generó $ 485.2 millones en ingresos por alquiler totales a través de su cartera de bienes raíces.

• Tasa de alquiler promedio por pie cuadrado: $ 62.35
• Término de arrendamiento promedio ponderado: 7.2 años
• Los principales mercados: San Francisco, San Diego, Los Ángeles

Apreciación de activos inmobiliarios

Valor total de la cartera al 31 de diciembre de 2023: $ 8.2 mil millones, que representa una apreciación de 4.7% año tras año.

Tipo de propiedad	Valor total	Tasa de apreciación
Propiedades de la oficina	$ 5.6 mil millones	4.3%
Propiedades de ciencias de la vida	$ 2.6 mil millones	5.2%

Tarifas de administración de propiedades

Gestión de propiedades y tarifas de servicio relacionadas para 2023: $ 18.7 millones.

Ventas de propiedades estratégicas y optimización de cartera

En 2023, Kilroy Realty completó las disposiciones de la propiedad por un total de $ 275.6 millones, con una tasa de capitalización promedio ponderada del 5.3%.

• Ventas totales de propiedades: $ 275.6 millones
• Número de propiedades vendidas: 4
• Precio de venta promedio por propiedad: $ 68.9 millones

Kilroy Realty Corporation (KRC) - Canvas Business Model: Value Propositions

Flight-to-Quality: Modern, amenity-rich, culture-building workplaces

Kilroy Realty Corporation offers a portfolio of high-quality, modern assets concentrated in key innovation hubs along the West Coast.

• Stabilized portfolio size as of September 30, 2025: approximately 16,811,767 square feet of primarily office and life science space.
• Stabilized portfolio occupancy rate as of September 30, 2025: 81.0%.
• Stabilized portfolio leased rate as of September 30, 2025: 83.3%.
• Residential units in Hollywood and San Diego: approximately 1,001 units with quarterly average occupancy of 93.2% as of September 30, 2025.

Sustainability: Portfolio is carbon-neutral since 2020, GRESB 5-star rated

Kilroy Realty Corporation maintains a documented, long-standing commitment to environmental leadership.

• Portfolio operations achieved carbon-neutral status since 2020.
• Earned the GRESB five star rating for sustainability initiatives.
• Other recognitions include the Nareit Leader in the Light Award and ENERGY STAR Partner of the Year.

Strategic Location: Properties in key innovation hubs (e.g., South San Francisco life science)

The properties are situated in markets experiencing strong demand drivers, such as the expanding artificial intelligence sector.

Market Focus Area	Portfolio Metric (as of 9/30/2025)
Stabilized Square Footage	16,811,767 square feet
Occupancy Rate	81.0%
Leased Rate	83.3%

Specialized Life Science Facilities: Purpose-built labs for biotech tenants like Acadia

Kilroy Realty Corporation develops and manages specialized facilities catering to the life science sector.

• Development project in tenant improvement phase (Kilroy Oyster Point Phase 2): approximately 872,000 square feet.
• Total estimated investment for Kilroy Oyster Point Phase 2: $1.0 billion.
• Lease executions at Kilroy Oyster Point Phase 2 as of Q3 2025: 84,000 square feet.
• Goal for Kilroy Oyster Point Phase 2 lease executions by year-end 2025: exceed 100,000 square feet.
• Lease signed subsequent to quarter end with Acadia Pharmaceuticals: 16,000 square feet.

Financial Stability: Publicly traded REIT with a long-standing dividend history

As a member of the S&P MidCap 400 Index, Kilroy Realty Corporation provides consistent shareholder returns.

Financial Metric	Value (as of late 2025)
Total Assets (9/30/2025)	Approximately $10.99 billion
Last Quarterly Dividend (Ex-Date 9/30/2025)	$0.54 per share
Annualized Dividend	$2.16 per share
Dividend Yield (Approximate)	5.24% to 5.30%
Payout Ratio	Approximately 78.8% to 79.76%
Full Year 2025 FFO per Share Guidance	$4.18 to $4.24 per diluted share

Finance: review the impact of the $1.0 billion development spend on Q4 2025 leverage metrics by Tuesday.

Kilroy Realty Corporation (KRC) - Canvas Business Model: Customer Relationships

You're managing a portfolio of 16.8 million square feet of primarily office and life science space as of September 30, 2025, plus about 1,000 residential units. That scale means your customer relationships aren't just about signing a lease; they're about dedicated, ongoing management and experience delivery across a vast physical footprint.

The core of Kilroy Realty Corporation's (KRC) relationship strategy rests on a hands-on approach. You rely on dedicated in-house leasing and property management teams to service this premium portfolio. This structure helps maintain the high-touch feel, even as the stabilized portfolio occupancy sits at 81.0%, with a leased rate of 83.3% at the end of the third quarter of 2025. That 230 basis points spread between leased and occupied space represents embedded relationship value, as those tenants are committed but haven't started paying rent yet.

For your major corporate tenants, especially those in high-growth sectors like AI and life sciences, the relationship is long-term and deeply integrated. You're not just a landlord; you're a partner in their growth, which is why you're seeing strong momentum in markets like San Francisco's SOMA submarket, where tour activity was up 170% year-over-year in Q3 2025. This focus on quality tenants helps insulate you from broader market softness, even though Q3 2025 second-generation cash rents on new leases were down 9.6%.

You've been proactive about managing future risk, particularly with the 2026 lease expirations. At the start of 2025, the pool was about 1.9 million square feet. Through diligent work, you've reduced the remaining expiration pool to approximately 970,000 square feet as of late October 2025, achieving a retention ratio of over 40% on that initial group. Honestly, the path forward requires a greater emphasis on new leasing, as most of that remaining 970,000 square feet is expected to move out. Still, signing over 552,000 square feet in Q3 2025-your highest third quarter in 6 years-shows the leasing team is executing.

To accelerate lease-up velocity at new developments, the spec suite program is key. At Kilroy Oyster Point Phase 2 (KOP 2), this strategy is clearly working. You've signed 84,000 square feet of leases to date at KOP 2, putting you in a strong position to exceed your year-end goal of 100,000 square feet of executed leases. The inaugural lease with Color was executed under this initiative, which is designed to attract high-quality tenants quickly.

The relationship extends beyond the physical space into the environment you cultivate. This is where The Kilroy Experience programming comes in, supported by a deep commitment to sustainability that underpins your appeal to modern occupiers. You've maintained carbon-neutral operations across the portfolio for five consecutive years and earned the GRESB 5 Star designation. This commitment helps you build lasting connections with tenants who value environmental responsibility.

Here's a quick look at the scale of your customer base and recent activity:

Metric	Value (as of Q3 2025)	Context
Stabilized Portfolio Square Footage	16.8 million SF	Primarily office and life science space.
Stabilized Portfolio Occupancy	81.0%	Leased rate was 83.3%.
Q3 2025 Total Leasing Activity	552,000 SF	Comprised of 237,000 SF new leasing and 315,000 SF renewal leasing.
2026 Remaining Expiration Pool	Approx. 970,000 SF	Retention on the initial pool is over 40%.
KOP 2 Leases Executed to Date	84,000 SF	Expected to exceed the 100,000 SF goal by year-end 2025.

Your relationship-building tactics focus on several key areas to drive tenant satisfaction and retention:

• Maintain in-house teams for direct, high-touch property management.
• Target tenants in high-growth sectors like AI and life sciences.
• Leverage sustainability credentials, including carbon-neutral operations.
• Use spec suite programs to offer ready-to-occupy, high-quality space.
• Focus on delivering an enhanced workplace through 'The Kilroy Experience.'

If onboarding for new tenants takes longer than expected, churn risk rises, so the spec suite program is a defintely smart way to shorten that time-to-occupancy for prospects.

Kilroy Realty Corporation (KRC) - Canvas Business Model: Channels

You're looking at how Kilroy Realty Corporation (KRC) gets its space in front of tenants and capital providers. It's a mix of direct sales efforts and relying on the broader brokerage community, all supported by digital outreach.

In-house leasing and brokerage teams for direct tenant engagement

Kilroy Realty Corporation relies heavily on its internal teams for direct engagement, which is key in the competitive office and life science markets across San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. This direct channel is supported by organizational changes, including enhanced leasing support in San Francisco, showing a commitment to proprietary deal flow.

The results of this direct and indirect leasing effort in the third quarter of 2025 were significant:

• Signed approximately 552,000 square feet of new and renewal leases in Q3 2025.
• This represented the highest third quarter of leasing activity in 6 years.
• New leasing on previously vacant space totaled 237,000 square feet.
• The stabilized portfolio stood at 81.0% occupied and 83.3% leased as of September 30, 2025, across approximately 16.8 million square feet.

The company is pushing hard on its major development projects through this channel. For instance, Kilroy Oyster Point (KOP) Phase 2, a 875,000 square foot project, had already signed 84,000 square feet of leases by the end of Q3 2025, aiming to exceed a goal of 100,000 square feet by year-end 2025.

Commercial real estate brokers and advisory firms

While the in-house team drives activity, external commercial real estate brokers and advisory firms are a necessary channel, especially for accessing a wider pool of potential tenants. The leasing activity in Q3 2025 included 315,000 square feet of renewal leasing, which often involves direct negotiation, but the overall volume suggests a necessary partnership with the external brokerage community to secure the 552,000 square feet signed.

The tenant base itself shows a concentration that brokers help service and expand:

Metric	Value (As of 12/31/2024)
Total Stabilized Office/Life Science Square Footage	17,142,721 square feet
Top 20 Tenants as % of Annualized Base Rental Revenues	53.6%

Investor Relations website and financial reports for capital markets

The Investor Relations website serves as the primary channel for communicating financial performance and strategic direction to capital markets participants, including debt and equity investors. Key financial metrics reported for the period ending September 30, 2025, provide the substance for this channel:

• Q3 2025 Revenues: $279.7 million.
• Q3 2025 Funds From Operations (FFO): $130.6 million, or $1.08 per diluted share.
• Full-Year 2025 FFO Guidance Range Raised To: $4.18 to $4.24 per diluted share.
• Regular Quarterly Cash Dividend Declared (Q2 2025 reference): $0.54 per share.

The company also uses this channel to communicate major capital allocation moves, such as the sale of a 4-building Silicon Valley campus for gross sales proceeds of $365 million and the acquisition of Maple Plaza for $205 million in Q3 2025.

Property websites and marketing materials showcasing amenities

Showcasing the quality of the physical assets is a critical channel to attract high-quality tenants in the technology, entertainment, and life science sectors. Kilroy Realty Corporation emphasizes its commitment to sustainability and modern environments.

The marketing materials highlight specific achievements and portfolio characteristics:

• Kilroy received the GRESB 5 Star designation for both standing assets and development portfolio in 2024.
• The portfolio is recognized for being one of the youngest among rated office REITs.
• Tour activity in the San Francisco SOMA assets was up 170% year-over-year in Q3 2025, suggesting the property-level marketing and amenities are resonating with demand driven by the AI sector.

The company's focus on development, with in-process projects totaling $1.1 billion as of June 30, 2025, feeds directly into this channel with new, state-of-the-art product offerings.

Kilroy Realty Corporation (KRC) - Canvas Business Model: Customer Segments

You're mapping out Kilroy Realty Corporation's customer base right now, looking at who is signing the leases and who is holding the stock. Honestly, the focus is clearly on innovation-driven tenants in high-barrier coastal markets.

Large-scale Technology corporations are a major driver, especially with the resurgence in office demand tied to Artificial Intelligence. Tour activity in San Francisco's SOMA assets was up 170% year-over-year as of Q3 2025. Kilroy Realty Corporation signed recent leases with major players in this space, including a 67,000 square foot lease with ByteDance and a 79,000 square foot renewal with Ride Games during the third quarter of 2025.

The Life Science and Biotechnology firms segment is seeing targeted execution, particularly at the Kilroy Oyster Point Phase 2 project. As of late 2025, Kilroy Oyster Point Phase 2 had already executed 84,000 square feet of leases with established biotech companies, with management expecting to exceed the goal of 100,000 square feet by year-end. Subsequent to the third quarter, Acadia Pharmaceuticals signed a 16,000 square foot lease at KOP 2.

For Media and Entertainment companies, the customer base is represented within Kilroy Realty Corporation's recent acquisitions. For example, the Maple Plaza office property acquired in Los Angeles in September 2025 is leased to a diverse mix of tenants that includes the entertainment sector.

The Institutional and individual investors (REIT shareholders) segment shows a very high degree of professional interest. As of the first quarter of 2025, institutional investors owned approximately 88.3% of Kilroy Realty Corporation's outstanding shares. Another filing suggests this figure is as high as 94.22%. The share price on November 20, 2025, was $40.42 / share, with a market capitalization around $4.39 billion as of July 2025.

Professional Services and Engineering firms form part of the tenant mix in Kilroy Realty Corporation's acquired assets. The Maple Plaza acquisition in Los Angeles, which closed in September 2025 for $205.3 million, has tenants across private equity, professional services, and education.

Here's a quick look at the scale of the portfolio serving these customers as of September 30, 2025:

Portfolio Metric	Value	Context/Date
Stabilized Portfolio Square Footage	16.8 million square feet	Primarily office and life science as of September 30, 2025
Stabilized Portfolio Occupancy	81.0%	As of September 30, 2025
Stabilized Portfolio Leased Rate	83.3%	As of September 30, 2025
Q3 2025 Leasing Volume	Approximately 552,000 square feet signed	New and renewal leases
Residential Units Occupancy	93.2%	Quarterly average in Hollywood and San Diego as of September 30, 2025

The types of tenants Kilroy Realty Corporation targets are concentrated in specific, high-growth sectors:

• Technology, with strong demand from AI companies.
• Life Science and Biotechnology firms.
• Firms in the Creative Industries.
• Professional Services, Private Equity, and Education.

The company's geographic focus supports this segmentation, concentrating on innovation hubs like the San Francisco Bay Area, Seattle, Los Angeles, San Diego, and Austin, Texas.

Kilroy Realty Corporation (KRC) - Canvas Business Model: Cost Structure

You're looking at the hard costs Kilroy Realty Corporation (KRC) faces to keep its portfolio running and growing as of late 2025. This structure is heavily weighted toward property ownership and new construction, which is typical for a major office and life science REIT.

The costs are substantial, and you see a clear split between keeping the lights on in existing buildings and funding future growth.

Here's the quick math on the major cost buckets based on the latest available guidance and trailing twelve months (TTM) data:

• Property operating expenses (real estate taxes, utilities, maintenance).
• Capital expenditures for development.
• Interest expense on debt.
• General and administrative (G&A) overhead and leasing costs.
• Tenant improvement allowances and leasing commissions.

Property operating expenses, which cover the day-to-day running of the stabilized portfolio-things like property taxes, utilities, and maintenance-were reported at $369.16 million for the TTM ending September 2025. This is a significant, recurring operational cost.

For growth, capital expenditures for development are guided for the full year 2025 to be between $100 million and $200 million. This spending fuels the pipeline, including projects like the Flower Mart development, where interest capitalization is assumed through year-end 2025.

Interest expense on debt is a major financing cost. For the TTM ending September 2025, the reported interest expense was -$127.39 million. Remember, KRC's 2025 guidance explicitly assumes a range of outcomes tied to the capitalization of interest expense and other carry costs related to these future development projects.

Your General and administrative (G&A) overhead, which also bundles in leasing costs, is guided quite tightly for 2025, set between $83 million and $85 million. For context, the Selling, General & Administrative expense for the TTM ending September 2025 was reported at $71.59 million, which suggests the guidance range includes more than just the SG&A line item, likely incorporating the specified leasing costs. Honestly, keeping that overhead tight while managing a large portfolio is key.

Regarding tenant improvement allowances and leasing commissions, these are costs KRC incurs to secure and prepare space for new tenants. While the guidance for G&A and leasing costs is explicit, these specific tenant-facing costs are often factored into the overall development spending or treated separately in the income statement, sometimes being excluded from Net Operating Income (NOI) metrics. For instance, the company noted that NOI metrics exclude leasing costs.

Here's a summary of those key, hard-dollar cost figures for KRC as of late 2025:

Cost Component	Reported/Guided Amount (USD Millions)	Period/Context
Property Operating Expenses	$369.16	TTM ending September 30, 2025
Total Development Spending (CapEx)	$100 to $200	2025 Full Year Guidance
Interest Expense on Debt	-$127.39	TTM ending September 30, 2025
G&A and Leasing Costs	$83 to $85	2025 Full Year Guidance

What this estimate hides, defintely, is the exact split between property taxes, utilities, and maintenance within that $369.16 million, and the precise allocation of the $100-$200 million development spend between actual construction and tenant/leasing costs.

Finance: draft 13-week cash view by Friday.

Kilroy Realty Corporation (KRC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Kilroy Realty Corporation (KRC) brings in cash as of late 2025. For a real estate investment trust (REIT) focused on office and life science, the vast majority comes from rent, but the other bits matter for cash flow management.

The primary revenue driver is rental income from stabilized office and life science properties. As of September 30, 2025, this stabilized portfolio spanned approximately 16.8 million square feet, operating at an 81.0% occupancy rate, with an additional 83.3% leased, meaning space was signed but not yet generating rent. For context, KRC reported total revenues of $279.7 million for the third quarter of 2025.

A smaller, but important, stream is the rental income from residential units. KRC held about 1,000 residential units across Hollywood and San Diego, which maintained a quarterly average occupancy of 93.2% as of September 30, 2025.

Here's a look at the specific, quantifiable components of the revenue picture for the full year 2025 guidance:

Revenue Stream Component	Latest Projected/Reported Amount for 2025	Notes
Projected GAAP Lease Termination Fee Income	+/- $12 million	This amount is explicitly excluded from the 2025 definition of Net Operating Income (NOI).
Projected Interest Income	+/- $6 million	Based on guidance provided in February 2025.
Stabilized Portfolio Size (as of 9/30/2025)	16.8 million square feet	Primarily office and life science space.
Residential Units Count	1,000 units	Located in Hollywood and San Diego.

You should also track these other revenue elements:

• Lease termination fees: These are recognized but excluded from the 2025 NOI definition, starting January 1, 2025.
• Parking and other property-related service income: This is included within consolidated operating revenues for NOI calculation but specific dollar amounts aren't broken out separately in the latest guidance summaries.
• Rental income drivers: For Q2 2025 leasing activity, GAAP rents on new leases were up 5.0% while cash rents were down 9.6% on second-generation leasing.

The interest income projection you mentioned at $7 million seems slightly high; the latest guidance I see points to +/- $6 million for interest income for the full year 2025.

Finance: draft 13-week cash view by Friday.