Kilroy Realty Corporation (KRC): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immobilier commercial, Kilroy Realty Corporation (KRC) apparaît comme une force pionnière, transformant les espaces de bureau traditionnels en écosystèmes dynamiques et durables pour la technologie et l'innovation. En positionnant stratégiquement les propriétés premium sur les marchés de la côte ouest, KRC a conçu un modèle commercial unique qui va au-delà du développement immobilier, créant des espaces de travail intelligents qui attirent les principales sociétés technologiques, les sociétés de capital-risque et les entreprises créatives. Leur approche mélange la conception de pointe, la conscience environnementale et l'emplacement stratégique pour fournir des propositions de valeur inégalées qui redéfinissent l'immobilier des entreprises modernes.

Kilroy Realty Corporation (KRC) - Modèle commercial: partenariats clés

Les grandes entreprises technologiques recherchent des espaces de bureaux innovants

Au quatrième trimestre 2023, Kilroy Realty a établi des partenariats avec les entreprises technologiques sur les principaux marchés:

Partenaire technologique	Emplacement du bureau	En pieds carrés
Google	San Francisco, CA	350 000 pieds carrés
Amazone	Seattle, WA	275 000 pieds carrés
Meta (Facebook)	Menlo Park, CA	425 000 pieds carrés

Les principales sociétés d'investissement immobilier et les partenaires capitaux

Les principaux investissements en partenariat en capital de Kilroy à partir de 2024:

• Blackstone Real Estate Partners: 500 millions de dollars coentreprise
• Goldman Sachs Real Estate Investments: 375 millions de dollars de partenariat stratégique
• Morgan Stanley Real Estate Fund: 425 millions de dollars d'investissement collaboratif

Entreprises de conception et de construction durables

Métriques de partenariat en durabilité:

Entreprise partenaire	Projets de certification verte	Développements LEED Platinum
Skanska	7 projets	3 développements
Turner Construction	5 projets	2 développements

Fournisseurs de services de gestion et de maintenance immobilières

Détails du partenariat de maintenance:

• CBRE Group: Gérer 2,3 millions de pieds carrés de propriétés Kilroy
• JLL (Jones Lang Lasalle): Entretien de 1,8 million de pieds carrés
• Cushman & Wakefield: Maintenir 1,5 million de pieds carrés

Gouvernement local et agences de développement urbain

Investissements de partenariat gouvernemental:

Ville / agence	Projet collaboratif	Montant d'investissement
Développement économique de San Diego	Quartier d'innovation du centre-ville	125 millions de dollars
Département de planification de San Francisco	Développement de Mission Bay	215 millions de dollars

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: activités clés

Développer et gérer l'immobilier commercial de haute qualité

Au quatrième trimestre 2023, Kilroy Realty Corporation gère un portefeuille total de 14,7 millions de pieds carrés louables sur les marchés de la côte ouest. Le pipeline de développement immobilier de la société comprend 2,1 millions de pieds carrés de projets de développement actif.

Type de propriété	Total des pieds carrés	Taux d'occupation
Propriétés du bureau	14,7 millions	93.4%
Développement actif	2,1 millions	N / A

Se concentrer sur les propriétés de bureau innovantes et durables sur les marchés de la côte ouest

Kilroy Realty concentre ses opérations sur les marchés clés de la côte ouest, notamment:

• Région de la baie de San Francisco
• San Diego
• Los Angeles
• Seattle

Mise en œuvre des technologies et pratiques de construction vertes

L'entreprise a atteint Certification 100% LEED pour son portefeuille d'exploitation stabilisé. En 2023, Kilroy a investi 45,3 millions de dollars dans les initiatives de durabilité.

Métrique de la durabilité	Performance de 2023
Propriétés certifiées LEED	100%
Investissement en durabilité	45,3 millions de dollars
Réduction des émissions de carbone	32% depuis 2016

Location et gestion des espaces de bureau premium

En 2023, Kilroy a exécuté 1,1 million de pieds carrés d'activité de location totale avec un taux de location moyen de 59,15 $ par pied carré.

• Activité de location totale: 1,1 million de pieds carrés
• Taux de location moyen: 59,15 $ par pied carré
• Terme de location moyenne pondérée: 7,4 ans

Acquisition de propriétés stratégiques et optimisation du portefeuille

Kilroy Realty a terminé les acquisitions de propriétés totalisant 237 millions de dollars en 2023, en se concentrant sur les emplacements stratégiques du marché de la côte ouest.

Métrique d'acquisition	Valeur 2023
Dépenses d'acquisition totales	237 millions de dollars
Nombre de propriétés acquises	3 propriétés
Valeur de propriété moyenne	79 millions de dollars

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: Ressources clés

Portefeuille étendu des propriétés de bureau de classe A

Au quatrième trimestre 2023, Kilroy Realty Corporation possède 15 millions de pieds carrés de propriétés de bureau sur les marchés de la côte ouest. Valeur du portefeuille total: 8,1 milliards de dollars.

Marché	Total des pieds carrés	Taux d'occupation
Région de la baie de San Francisco	5,2 millions	93.6%
Los Angeles	3,7 millions	91.2%
San Diego	2,6 millions	94.5%
Seattle	3,5 millions	92.8%

Capacités de capital financier et d'investissement

Mesures financières au 31 décembre 2023:

• Actif total: 10,2 milliards de dollars
• Capitalisation boursière: 6,3 milliards de dollars
• Dette totale: 3,8 milliards de dollars
• Ratio dette / fonds propres: 0,62

Équipe de développement immobilier et de gestion

Statistiques clés du personnel:

• Total des employés: 412
• Tenure moyenne des employés: 8,5 ans
• Cadres supérieurs avec plus de 15 ans d'expérience immobilière: 7

Infrastructure technologique

Détails de l'investissement technologique:

• Budget technologique annuel: 18,5 millions de dollars
• Plateformes de gestion des actifs numériques: 3
• Investissement en cybersécurité: 4,2 millions de dollars par an

Emplacements immobiliers principaux

Emplacement	Compte de propriété	Superficie totale (sq ft)
San Francisco	12	2,8 millions
Los Angeles	9	2,3 millions
San Diego	6	1,5 million
Seattle	8	2,1 millions

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: propositions de valeur

Espaces de bureau de qualité supérieure et technologiquement

Au quatrième trimestre 2023, Kilroy Realty possède 15,8 millions de pieds carrés de propriétés de bureau. Taux de location moyens pour les espaces de bureau de classe A sur les marchés clés:

Marché	Taux de location moyen ($ / sq ft)
San Francisco	$87.50
San Diego	$45.25
Los Angeles	$62.75

Conceptions de bâtiments durables et soucieux de l'environnement

Les mesures de durabilité de Kilroy Realty:

• 92% du portefeuille LEED certifié
• Réduction de 35% des émissions de carbone depuis 2016
• 30,5 millions de dollars investis dans des initiatives de durabilité en 2023

Emplacements stratégiques sur les marchés technologiques à forte croissance

Distribution du portefeuille géographique:

Marché	Pourcentage de portefeuille
Région de la baie de San Francisco	37%
Californie du Sud	33%
San Diego	20%
Pacifique Nord-Ouest	10%

Solutions d'espace de travail flexibles et modernes

Options de configuration de l'espace de travail:

• Conditions de location flexibles allant de 3 à 10 ans
• Capacités de conception modulaires dans 85% des propriétés
• Infrastructure technologique soutenant les modèles de travail hybride

Création de valeur à long terme pour les investisseurs et les locataires

Indicateurs de performance financière:

Métrique	Valeur 2023
Fonds des opérations (FFO)	521,4 millions de dollars
Rendement des dividendes	3.8%
Retour total (2023)	12.6%

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: relations clients

Engagement et soutien personnalisés aux locataires

Au quatrième trimestre 2023, Kilroy Realty gère 15,9 millions de pieds carrés de propriétés de bureau et de science de la vie avec un taux d'occupation de 97,4%. La société maintient des équipes de soutien aux locataires directes sur les principaux marchés de la Californie et du Pacifique Nord-Ouest.

Métriques du support client	2023 données
Temps de réponse moyen	2,3 heures
Taux de satisfaction des locataires	92.6%
Gestionnaires de compte dédiés	38 professionnels

Accords de location à long terme avec les principaux clients d'entreprise

Le portefeuille de Kilroy comprend des baux à long terme avec des sociétés de technologie et de sciences de vie importantes.

• Terme de location moyenne: 7,2 ans
• Les 10 meilleurs locataires représentent 39% du total des revenus de location
• Expiration du bail moyen pondéré: 2029

Services de gestion immobilière proactifs

La société investit 24,3 millions de dollars par an dans la maintenance immobilière et les mises à niveau technologiques pour améliorer l'expérience des locataires.

Investissement de gestion immobilière	Dépenses annuelles
Mises à niveau des infrastructures	14,7 millions de dollars
Intégration technologique	6,2 millions de dollars
Initiatives de durabilité	3,4 millions de dollars

Plateformes de communication numérique pour les interactions des locataires

Kilroy a mis en œuvre une plate-forme complète d'engagement des locataires numériques avec un taux d'adoption de 87% parmi les locataires actuels.

• Application mobile pour les demandes de maintenance
• Canaux de communication en temps réel
• Systèmes de paiement et de gestion des baux en ligne

Programmes d'amélioration des propriétés continues et de mise à niveau

En 2023, Kilroy a réalisé 42,6 millions de dollars de projets d'amélioration de la propriété à travers son portefeuille.

Catégorie de mise à niveau	Montant d'investissement
Infrastructure technologique	18,3 millions de dollars
Efficacité énergétique	12,4 millions de dollars
Modernisation de l'espace de travail	11,9 millions de dollars

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: canaux

Équipes de location directe

Kilroy Realty Corporation maintient une équipe de location interne de 42 professionnels au quatrième trimestre 2023. L'équipe couvre 12,1 millions de pieds carrés de portefeuille immobilier commercial sur les principaux marchés de la côte ouest.

Couverture du marché	Taille de l'équipe de location	Total en pieds carrés gérés
Région de la baie de San Francisco	18 professionnels	5,3 millions de pieds carrés
Los Angeles	12 professionnels	4,2 millions de pieds carrés
San Diego	7 professionnels	2,6 millions de pieds carrés
Seattle	5 professionnels	1,0 million de pieds carrés

Sites Web immobiliers d'entreprise

Le site Web d'entreprise de Kilroy Realty (Kilroy.com) reçoit 87 500 visiteurs uniques par mois avec une durée de session moyenne de 3,2 minutes en 2023.

• Le trafic du site Web a augmenté de 22% en glissement annuel
• Listes de propriétés en ligne consultées 42 300 fois par mois
• Demandes de tournée de propriété numérique: 1 250 par trimestre

Courtiers immobiliers commerciaux

Kilroy Realty collabore avec 163 sociétés de courtage immobilier commerciales externes sur les marchés de la côte ouest.

Métriques du réseau de courtiers	2023 données
Partenariats totaux de courtage	163 entreprises
Location des transactions via les courtiers	78 terminé
Valeur de location totale par le biais des courtiers	412,6 millions de dollars

Plateformes de marketing numérique

Kilroy Realty utilise plusieurs canaux de marketing numérique avec des stratégies d'engagement ciblées.

• LinkedIn adepte: 24 700
• Twitter abonnés: 8 900
• Dépenses publicitaires numériques: 1,2 million de dollars en 2023
• Taux de conversion du marketing numérique ciblé: 3,7%

Conférences de l'industrie et événements de réseautage

Kilroy Realty a participé à 17 conférences immobilières commerciales en 2023, générant 392 prospects directs.

Type d'événement	Nombre d'événements	Leads générés
Conférences nationales	7	189 pistes
Conférences régionales	10	203 pistes

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: segments de clientèle

Entreprises technologiques

En 2024, Kilroy Realty cible les entreprises technologiques avec 1 626 000 pieds carrés d'espace de bureau sur les principaux marchés de l'innovation. Les segments de clients de la technologie principale comprennent:

Segment	Taux d'occupation	Taille de location moyenne
Logiciels	92.3%	45 000 pieds carrés
Entreprises de cloud computing	88.7%	35 000 pieds carrés
Entreprises de cybersécurité	85.6%	25 000 pieds carrés

Entreprises de services professionnels

Kilroy Realty sert des entreprises de services professionnels avec des configurations de bureaux spécialisées:

• Les sociétés de conseil représentant 18,5% de la location de portefeuille
• Services juridiques occupant 12,3% de l'espace commercial total
• Les cabinets de conseil financier comprenant 9,7% du mélange de locataires

Capital de capital-risque et écosystèmes de démarrage

Locataire de l'écosystème de startup profile:

Stade de démarrage	Pourcentage de locataire	Conditions de location moyennes
Étape précoce	22.4%	3-5 ans
Étape de croissance	15.6%	5-7 ans
Startups établies	11.2%	7-10 ans

Grandes entreprises d'entreprise

Déchange des locataires par les entreprises par l'industrie:

• Corporations technologiques: 34,5% de la location totale de l'entreprise
• Services financiers: 22,7% du portefeuille d'entreprises
• Organisations de soins de santé: 15,3% des locataires d'entreprise

Secteurs industriels créatifs et innovants

Composition des locataires de l'industrie créative:

Secteur de l'industrie	Pourcentage de portefeuille	Taux de location moyen
Production médiatique	8.6%	65,50 $ / pieds carrés
Studios de design	6.2%	58,75 $ / pieds carrés
Marketing numérique	5.9%	62,30 $ / pieds carrés

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: Structure des coûts

Frais de développement et de construction immobilières

Pour l'exercice 2023, Kilroy Realty Corporation a déclaré des coûts totaux de développement et de construction de 542,3 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant ($)
Acquisition de terres	186,7 millions
Matériaux de construction	214,5 millions
Coûts de main-d'œuvre	141,1 millions

Maintenance et opérations des biens en cours

Les frais de maintenance et d'exploitation des biens annuels pour 2023 ont totalisé 124,6 millions de dollars, avec les composants clés suivants:

• Entretien de routine: 47,2 millions de dollars
• Gestion des services publics: 36,8 millions de dollars
• Réparation et rénovation: 40,6 millions de dollars

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 89,3 millions de dollars, structurée comme suit:

Catégorie de compensation	Montant ($)
Salaires de base	62,7 millions
Bonus de performance	15,4 millions
Avantages et assurance	11,2 millions

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour 2023 s'élevaient à 37,5 millions de dollars, alloués entre:

• Infrastructure informatique: 18,2 millions de dollars
• Plateformes logicielles et numériques: 12,7 millions de dollars
• Améliorations de la cybersécurité: 6,6 millions de dollars

Coûts d'acquisition de marketing et de location

Les dépenses de marketing et de location pour 2023 étaient de 29,8 millions de dollars, distribuées comme suit:

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	12,4 millions
Commissions de courtier	10,9 millions
Matériel promotionnel	6,5 millions

Kilroy Realty Corporation (KRC) - Modèle d'entreprise: Strots de revenus

Revenus de location commerciale à long terme

Au quatrième trimestre 2023, Kilroy Realty Corporation a déclaré des revenus totaux de location de 423,1 millions de dollars. Le portefeuille de la société se compose de 15,3 millions de pieds carrés de propriétés de bureau et de sciences de la vie principalement situées sur les marchés de la côte ouest.

Type de location	Revenus annuels	Taux d'occupation
Baux de bureau	312,5 millions de dollars	93.4%
Les baux de la science de la vie	110,6 millions de dollars	96.2%

Revenu de location de biens

En 2023, Kilroy Realty a généré 485,2 millions de dollars de revenus locatifs totaux à travers son portefeuille immobilier.

• Taux de location moyen par pied carré: 62,35 $
• Terme de location moyenne pondérée: 7,2 ans
• Top Marchés: San Francisco, San Diego, Los Angeles

Appréciation des actifs immobiliers

Valeur du portefeuille total au 31 décembre 2023: 8,2 milliards de dollars, représentant une appréciation de 4,7% en glissement annuel.

Type de propriété	Valeur totale	Taux d'appréciation
Propriétés du bureau	5,6 milliards de dollars	4.3%
Propriétés des sciences de la vie	2,6 milliards de dollars	5.2%

Frais de gestion immobilière

Gestion immobilière et frais de service connexes pour 2023: 18,7 millions de dollars.

Ventes de propriétés stratégiques et optimisation du portefeuille

En 2023, Kilroy Realty a terminé les dispositions de propriété totalisant 275,6 millions de dollars, avec un taux de capitalisation moyen pondéré de 5,3%.

• Ventes totales de propriétés: 275,6 millions de dollars
• Nombre de propriétés vendues: 4
• Prix ​​de vente moyen par propriété: 68,9 millions de dollars

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.