Kilroy Realty Corporation (KRC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de imóveis comerciais, a Kilroy Realty Corporation (KRC) surge como uma força pioneira, transformando os espaços tradicionais de escritórios em ecossistemas vibrantes e sustentáveis ​​para tecnologia e inovação. Ao posicionar estrategicamente propriedades premium nos mercados da Costa Oeste, a KRC criou um modelo de negócios exclusivo que vai além do mero desenvolvimento de propriedades, criando espaços de trabalho inteligentes que atraem empresas líderes de tecnologia, empresas de capital de risco e empresas criativas. Sua abordagem combina o design de ponta, a consciência ambiental e a localização estratégica para oferecer proposições de valor incomparáveis ​​que redefinem os imóveis corporativos modernos.

Kilroy Realty Corporation (KRC) - Modelo de negócios: Parcerias -chave

Principais empresas de tecnologia que buscam escritórios inovadores

No quarto trimestre 2023, a Kilroy Realty estabeleceu parcerias com empresas de tecnologia nos principais mercados:

Parceiro de tecnologia	Localização do escritório	Metragem quadrada
Google	San Francisco, CA.	350.000 pés quadrados
Amazon	Seattle, WA	275.000 pés quadrados
Meta (Facebook)	Menlo Park, CA.	425.000 pés quadrados

Principais empresas de investimento imobiliário e parceiros de capital

Os principais investimentos da Kilroy Capital Partnership a partir de 2024:

• Blackstone Real Estate Partners: US $ 500 milhões de joint venture
• Investimentos imobiliários do Goldman Sachs: US $ 375 milhões em parceria estratégica
• Fundo imobiliário de Morgan Stanley: US $ 425 milhões para investimento colaborativo

Empresas de design e construção sustentáveis

Métricas de parceria de sustentabilidade:

Empresa parceira	Projetos de certificação verde	Desenvolvimentos de platina LEED
Skanska	7 projetos	3 desenvolvimentos
Turner Construction	5 projetos	2 desenvolvimentos

Provedores de serviços de gerenciamento e manutenção de propriedades

Detalhes da parceria de manutenção:

• Grupo CBRE: Gerenciando 2,3 milhões de pés quadrados de propriedades Kilroy
• JLL (Jones Lang Lasalle): Serviço de 1,8 milhão de pés quadrados
• Cushman & Wakefield: Mantendo 1,5 milhão de pés quadrados

Agências de governo e desenvolvimento urbano local

Investimentos de Parceria Governamental:

Cidade/agência	Projeto colaborativo	Valor do investimento
Desenvolvimento Econômico de San Diego	Distrito de Inovação Downtown	US $ 125 milhões
Departamento de Planejamento de São Francisco	Mission Bay Development	US $ 215 milhões

Kilroy Realty Corporation (KRC) - Modelo de negócios: Atividades -chave

Desenvolvendo e gerenciando imóveis comerciais de alta qualidade

A partir do quarto trimestre de 2023, a Kilroy Realty Corporation gerencia um portfólio total de 14,7 milhões de pés quadrados alugáveis ​​nos mercados da Costa Oeste. O pipeline de desenvolvimento imobiliário da empresa inclui 2,1 milhões de pés quadrados de projetos de desenvolvimento ativo.

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Propriedades do escritório	14,7 milhões	93.4%
Desenvolvimento ativo	2,1 milhões	N / D

Com foco em propriedades inovadoras e sustentáveis ​​de escritórios nos mercados da Costa Oeste

A Kilroy Realty concentra suas operações nos mercados de Key West Coast, incluindo:

• Área da baía de São Francisco
• San Diego
• Los Angeles
• Seattle

Implementando tecnologias e práticas de construção verde

A empresa alcançou Certificação 100% LEED por seu portfólio operacional estabilizado. Em 2023, a Kilroy investiu US $ 45,3 milhões em iniciativas de sustentabilidade.

Métrica de sustentabilidade	2023 desempenho
Propriedades certificadas LEED	100%
Investimento de sustentabilidade	US $ 45,3 milhões
Redução de emissões de carbono	32% desde 2016

Arrendamento e gerenciamento de espaços de escritório premium

Em 2023, a Kilroy executou 1,1 milhão de pés quadrados de atividade total de leasing com uma taxa média de arrendamento de US $ 59,15 por pé quadrado.

• Atividade total de leasing: 1,1 milhão de pés quadrados
• Taxa média de arrendamento: US $ 59,15 por pé quadrado
• Termo médio ponderado de arrendamento: 7,4 anos

Aquisição estratégica de propriedades e otimização de portfólio

A Kilroy Realty concluiu a aquisição de propriedades, totalizando US $ 237 milhões em 2023, com foco em locais estratégicos do mercado da Costa Oeste.

Métrica de aquisição	2023 valor
Gastos totais de aquisição	US $ 237 milhões
Número de propriedades adquiridas	3 propriedades
Valor médio da propriedade	US $ 79 milhões

Kilroy Realty Corporation (KRC) - Modelo de negócios: Recursos -chave

Extenso portfólio das propriedades do escritório da classe A

A partir do quarto trimestre de 2023, a Kilroy Realty Corporation possui 15 milhões de pés quadrados de propriedades do escritório nos mercados da Costa Oeste. Valor total do portfólio: US $ 8,1 bilhões.

Mercado	Pés quadrados totais	Taxa de ocupação
Área da baía de São Francisco	5,2 milhões	93.6%
Los Angeles	3,7 milhões	91.2%
San Diego	2,6 milhões	94.5%
Seattle	3,5 milhões	92.8%

Capital financeiro e recursos de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 10,2 bilhões
• Capitalização de mercado: US $ 6,3 bilhões
• Dívida total: US $ 3,8 bilhões
• Taxa de dívida / patrimônio: 0,62

Equipe de Desenvolvimento e Gerenciamento imobiliário

Estatísticas -chave do pessoal:

• Total de funcionários: 412
• Posse média dos funcionários: 8,5 anos
• Executivos seniores com mais de 15 anos de experiência no setor imobiliário: 7

Infraestrutura tecnológica

Detalhes de investimento em tecnologia:

• Orçamento de tecnologia anual: US $ 18,5 milhões
• Plataformas de gerenciamento de ativos digitais: 3
• Investimento de segurança cibernética: US $ 4,2 milhões anualmente

Locais imobiliários principais

Localização	Contagem de propriedades	Área total (m²)
São Francisco	12	2,8 milhões
Los Angeles	9	2,3 milhões
San Diego	6	1,5 milhão
Seattle	8	2,1 milhões

Kilroy Realty Corporation (KRC) - Modelo de negócios: proposições de valor

Espaços de escritório tecnologicamente avançados premium

A partir do quarto trimestre de 2023, a Kilroy Realty possui 15,8 milhões de pés quadrados de propriedades do escritório. Taxas médias de aluguel para os escritórios da classe A nos principais mercados:

Mercado	Taxa média de aluguel ($/sq ft)
São Francisco	$87.50
San Diego	$45.25
Los Angeles	$62.75

Designs de construção sustentáveis ​​e ambientalmente conscientes

As métricas de sustentabilidade da Kilroy Realty:

• 92% do portfólio LEED certificado
• Redução de 35% nas emissões de carbono desde 2016
• US $ 30,5 milhões investidos em iniciativas de sustentabilidade em 2023

Locais estratégicos em mercados de tecnologia de alto crescimento

Distribuição de portfólio geográfico:

Mercado	Porcentagem de portfólio
Área da baía de São Francisco	37%
Sul da Califórnia	33%
San Diego	20%
Noroeste do Pacífico	10%

Soluções de espaço de trabalho flexíveis e modernas

Opções de configuração do espaço de trabalho:

• Termos de arrendamento flexíveis variando de 3 a 10 anos
• Recursos de design modulares em 85% das propriedades
• Infraestrutura de tecnologia que suporta modelos de trabalho híbrido

Criação de valor a longo prazo para investidores e inquilinos

Indicadores de desempenho financeiro:

Métrica	2023 valor
Fundos das operações (FFO)	US $ 521,4 milhões
Rendimento de dividendos	3.8%
Retorno total (2023)	12.6%

Kilroy Realty Corporation (KRC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento e suporte personalizados de inquilinos

A partir do quarto trimestre de 2023, a Kilroy Realty gerencia 15,9 milhões de pés quadrados de propriedades de escritório e ciência da vida com uma taxa de ocupação de 97,4%. A empresa mantém equipes diretas de apoio ao inquilino nos principais mercados na Califórnia e no noroeste do Pacífico.

Métricas de suporte ao cliente	2023 dados
Tempo médio de resposta	2,3 horas
Taxa de satisfação do inquilino	92.6%
Gerentes de conta dedicados	38 profissionais

Acordos de arrendamento de longo prazo com os principais clientes corporativos

O portfólio de Kilroy inclui arrendamentos de longo prazo, com empresas de tecnologia proeminente e ciências da vida.

• Termo médio de arrendamento: 7,2 anos
• Os 10 principais inquilinos representam 39% da receita total de aluguel
• Expiração média ponderada do arrendamento: 2029

Serviços proativos de gerenciamento de propriedades

A empresa investe US $ 24,3 milhões anualmente em manutenção de propriedades e atualizações tecnológicas para melhorar a experiência do inquilino.

Investimento de gerenciamento de propriedades	Despesas anuais
Atualizações de infraestrutura	US $ 14,7 milhões
Integração de tecnologia	US $ 6,2 milhões
Iniciativas de sustentabilidade	US $ 3,4 milhões

Plataformas de comunicação digital para interações de inquilinos

A Kilroy implementou uma plataforma abrangente de engajamento de inquilinos digitais, com 87% de taxa de adoção entre os inquilinos atuais.

• Aplicativo móvel para solicitações de manutenção
• Canais de comunicação em tempo real
• Sistemas de pagamento on -line e gerenciamento de arrendamento

Aprimoramento contínuo de propriedades e programas de atualização

Em 2023, a Kilroy completou US $ 42,6 milhões em projetos de melhoria de propriedades em seu portfólio.

Categoria de atualização	Valor do investimento
Infraestrutura de tecnologia	US $ 18,3 milhões
Eficiência energética	US $ 12,4 milhões
Modernização do espaço de trabalho	US $ 11,9 milhões

Kilroy Realty Corporation (KRC) - Modelo de Negócios: Canais

Equipes diretas de leasing

A Kilroy Realty Corporation mantém uma equipe de leasing interna de 42 profissionais a partir do quarto trimestre de 2023. A equipe cobre 12,1 milhões de pés quadrados de portfólio de imóveis comerciais nos principais mercados da Costa Oeste.

Cobertura de mercado	Tamanho da equipe de leasing	Total Square metragem gerenciada
Área da baía de São Francisco	18 profissionais	5,3 milhões de pés quadrados
Los Angeles	12 profissionais	4,2 milhões de pés quadrados
San Diego	7 profissionais	2,6 milhões de pés quadrados
Seattle	5 profissionais	1,0 milhão de pés quadrados

Sites imobiliários corporativos

O site corporativo da Kilroy Realty (Kilroy.com) recebe 87.500 visitantes únicos mensalmente com uma duração média da sessão de 3,2 minutos em 2023.

• O tráfego do site aumentou 22% ano a ano
• Listagens de propriedades on -line visualizadas 42.300 vezes por mês
• Solicitações de turnê de propriedades digitais: 1.250 por trimestre

Corretores imobiliários comerciais

A Kilroy Realty colabora com 163 corretor imobiliário externo comercial nos mercados da Costa Oeste.

Métricas de rede de corretoras	2023 dados
Total de parcerias de corretagem	163 empresas
Transações de arrendamento via corretores	78 concluído
Valor total de arrendamento através de corretores	US $ 412,6 milhões

Plataformas de marketing digital

A Kilroy Realty utiliza vários canais de marketing digital com estratégias de engajamento direcionadas.

• Seguidores do LinkedIn: 24.700
• Seguidores do Twitter: 8.900
• Gastes de anúncios digitais: US $ 1,2 milhão em 2023
• Taxa de conversão de marketing digital direcionado: 3,7%

Conferências do setor e eventos de rede

A Kilroy Realty participou de 17 conferências comerciais de imóveis em 2023, gerando 392 leads de negócios diretos.

Tipo de evento	Número de eventos	Leads gerados
Conferências Nacionais	7	189 leads
Conferências Regionais	10	203 leads

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

Empresas de tecnologia

A partir de 2024, a Kilroy Realty tem como alvo as empresas de tecnologia com 1.626.000 pés quadrados de espaço de escritório nos principais mercados de inovação. Os segmentos de clientes de tecnologia primária incluem:

Segmento	Taxa de ocupação	Tamanho médio do arrendamento
Empresas de software	92.3%	45.000 pés quadrados
Empresas de computação em nuvem	88.7%	35.000 pés quadrados
Empresas de segurança cibernética	85.6%	25.000 pés quadrados

Empresas de serviços profissionais

A Kilroy Realty serve empresas de serviços profissionais com configurações especializadas de escritório:

• Empresas de consultoria que representam 18,5% da locação do portfólio
• Serviços jurídicos ocupando 12,3% do espaço comercial total
• Empresas de consultoria financeira compreendendo 9,7% da mistura de inquilinos

Capital de risco e ecossistemas de inicialização

Inquilino do ecossistema de inicialização profile:

Estágio de inicialização	Porcentagem de inquilino	Termos médios de arrendamento
Estágio inicial	22.4%	3-5 anos
Estágio de crescimento	15.6%	5-7 anos
Startups estabelecidas	11.2%	7-10 anos

Grandes empresas corporativas

Redução de inquilinos corporativos pela indústria:

• Empresas de tecnologia: 34,5% do arrendamento corporativo total
• Serviços financeiros: 22,7% do portfólio corporativo
• Organizações de saúde: 15,3% dos inquilinos corporativos

Setores da indústria criativos e inovadores

Composição de inquilinos da indústria criativa:

Setor da indústria	Porcentagem de portfólio	Taxa média de aluguel
Produção de mídia	8.6%	$ 65,50/pés quadrados
Design Studios	6.2%	$ 58,75/sq ft
Marketing digital	5.9%	US $ 62,30/pés quadrados

Kilroy Realty Corporation (KRC) - Modelo de negócios: estrutura de custos

Desenvolvimento de propriedades e despesas de construção

Para o ano fiscal de 2023, a Kilroy Realty Corporation registrou custos totais de desenvolvimento e construção de US $ 542,3 milhões. A quebra dessas despesas inclui:

Categoria de despesa	Valor ($)
Aquisição de terras	186,7 milhões
Materiais de construção	214,5 milhões
Custos de mão -de -obra	141,1 milhões

Manutenção e operações em andamento

As despesas anuais de manutenção e operações da propriedade para 2023 totalizaram US $ 124,6 milhões, com os seguintes componentes -chave:

• Manutenção de rotina: US $ 47,2 milhões
• Gerenciamento de utilitários: US $ 36,8 milhões
• Reparo e reforma: US $ 40,6 milhões

Salários e benefícios dos funcionários

A compensação total dos funcionários em 2023 foi de US $ 89,3 milhões, estruturada da seguinte maneira:

Categoria de compensação	Valor ($)
Salários da base	62,7 milhões
Bônus de desempenho	15,4 milhões
Benefícios e seguro	11,2 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 37,5 milhões, alocados de maneira contínua:

• Infraestrutura de TI: US $ 18,2 milhões
• Software e plataformas digitais: US $ 12,7 milhões
• Aprimoramentos de segurança cibernética: US $ 6,6 milhões

Custos de aquisição de marketing e leasing

As despesas de marketing e leasing para 2023 foram de US $ 29,8 milhões, distribuídas da seguinte forma:

Categoria de despesa de marketing	Valor ($)
Marketing digital	12,4 milhões
Comissões de corretor	10,9 milhões
Materiais promocionais	6,5 milhões

Kilroy Realty Corporation (KRC) - Modelo de negócios: fluxos de receita

Receitas de arrendamento comercial de longo prazo

No quarto trimestre 2023, a Kilroy Realty Corporation registrou receitas totais de arrendamento de US $ 423,1 milhões. O portfólio da empresa consiste em 15,3 milhões de pés quadrados de propriedades de escritório e ciências da vida localizadas principalmente nos mercados da Costa Oeste.

Tipo de arrendamento	Receita anual	Taxa de ocupação
Arrendamentos de escritório	US $ 312,5 milhões	93.4%
Arrendamentos de ciências da vida	US $ 110,6 milhões	96.2%

Receita de aluguel de propriedades

Em 2023, Kilroy Realty gerou US $ 485,2 milhões em renda total de aluguel em seu portfólio imobiliário.

• Taxa média de aluguel por pé quadrado: US $ 62,35
• Termo médio ponderado de arrendamento: 7,2 anos
• Mercados principais: São Francisco, San Diego, Los Angeles

Apreciação de ativos imobiliários

Valor total do portfólio em 31 de dezembro de 2023: US $ 8,2 bilhões, representando uma valorização de 4,7% ano a ano.

Tipo de propriedade	Valor total	Taxa de valorização
Propriedades do escritório	US $ 5,6 bilhões	4.3%
Propriedades da ciência da vida	US $ 2,6 bilhões	5.2%

Taxas de gerenciamento de propriedades

Gerenciamento de propriedades e taxas de serviço relacionadas para 2023: US $ 18,7 milhões.

Vendas estratégicas de propriedades e otimização de portfólio

Em 2023, a Kilroy Realty concluiu as disposições de propriedade, totalizando US $ 275,6 milhões, com uma taxa de capitalização média ponderada de 5,3%.

• Vendas totais de propriedades: US $ 275,6 milhões
• Número de propriedades vendidas: 4
• Preço médio de venda por propriedade: US $ 68,9 milhões

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.