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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\n(MARK ONE)\n\n☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                      to                     \n\nCommission file number 1-12675 (Kilroy Realty Corporation)\n\nCommission file number 000-54005 (Kilroy Realty, L.P.)\n\nKILROY REALTY CORPORATION\n\nKILROY REALTY, L.P.\n\n(Exact name of registrant as specified in its charter)\n\nKilroy Realty CorporationMaryland95-4598246\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\nKilroy Realty, L.P.Delaware95-4612685\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n12200 W. Olympic Boulevard, Suite 200, Los Angeles, California, 90064\n\n(Address of principal executive offices) (Zip Code)\n\n(310) 481-8400\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nRegistrantTitle of each className of each exchange on which registeredTicker Symbol\n\nKilroy Realty CorporationCommon Stock, $.01 par valueNew York Stock ExchangeKRC\n\nSecurities registered pursuant to Section 12(g) of the Act:\n\nRegistrantTitle of each class\n\nKilroy Realty, L.P.Common Units Representing Limited Partnership Interests\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\nKilroy Realty Corporation  Yes  ☒  No  ☐    Kilroy Realty, L. P.  Yes  ☒  No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.\n\nKilroy Realty Corporation  Yes  ☐  No  ☒    Kilroy Realty, L. P.  Yes  ☐  No  ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. \n\nKilroy Realty Corporation  Yes  ☒  No  ☐    Kilroy Realty, L. P.  Yes  ☒  No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    \n\nKilroy Realty Corporation  Yes  ☒  No  ☐    Kilroy Realty, L. P.  Yes  ☒  No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.\n\nKilroy Realty Corporation\n\n☒Large accelerated filer☐\nAccelerated filer\n☐\nNon-accelerated filer\n☐\nSmaller reporting company\n\n☐\nEmerging growth company\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nKilroy Realty, L.P.\n\n☐Large accelerated filer☐\nAccelerated filer\n☒\nNon-accelerated filer\n☐\nSmaller reporting company\n\n☐\nEmerging growth company\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant has filed a report on and attestation to management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.\n\nKilroy Realty Corporation  ☒          Kilroy Realty, L. P.  ☒  \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.\n\nKilroy Realty Corporation  ☐          Kilroy Realty, L. P.  ☐  \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).\n\nKilroy Realty Corporation  ☐          Kilroy Realty, L. P.  ☐  \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    \n\nKilroy Realty Corporation  Yes ☐  No  ☒    Kilroy Realty, L. P.  Yes  ☐  No  ☒\n\nThe aggregate market value of the voting and non-voting shares of common stock held by non-affiliates of Kilroy Realty Corporation was approximately $4,045,451,305 based on the quoted closing price on the New York Stock Exchange for such shares on June 30, 2025.\n\nThere is no public trading market for the common units of limited partnership interest of Kilroy Realty, L.P. As a result, the aggregate market value of the common units of limited partnership interest held by non-affiliates of Kilroy Realty, L.P. cannot be determined.\n\nAs of February 6, 2026, 118,503,054 shares of Kilroy Realty Corporation’s common stock, par value $.01 per share, were outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the Kilroy Realty Corporation’s Proxy Statement with respect to its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K.\n\nEXPLANATORY NOTE\n\nThis report combines the annual reports on Form 10-K for the year ended December 31, 2025 of Kilroy Realty Corporation and Kilroy Realty, L.P. Unless stated otherwise or the context otherwise requires, references to “Kilroy Realty Corporation” or the “Company,” “we,” “our,” and “us” mean Kilroy Realty Corporation, a Maryland corporation, and its controlled and consolidated subsidiaries, and references to “Kilroy Realty, L.P.” or the “Operating Partnership” mean Kilroy Realty, L.P., a Delaware limited partnership, and its controlled and consolidated subsidiaries.\n\nThe Company is a real estate investment trust, or REIT, and the general partner of the Operating Partnership. As of December 31, 2025, the Company owned an approximate 99.1% common general partnership interest in the Operating Partnership. The remaining approximate 0.9% common limited partnership interests are owned by non-affiliated investors. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership’s day-to-day management and control.\n\nWe believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing certain debt of the Operating Partnership. The Operating Partnership owns substantially all of the assets of the Company either directly or through its subsidiaries, conducts the operations of the Company’s business, and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Company, which the Company generally contributes to the Operating Partnership in exchange for units of partnership interest, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, the incurrence of indebtedness, or the issuance of units of partnership interest.\n\nThe presentation of noncontrolling interests, stockholders’ equity, and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The differences between stockholders’ equity, partners’ capital, and noncontrolling interests result from the differences in the equity issued by the Company and the Operating Partnership.\n\nWe believe combining the annual reports on Form 10-K of the Company and the Operating Partnership into this single report results in the following benefits:\n\n•Better reflects how management and the analyst community view the business as a single operating unit;\n\n•Enhances investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;\n\n•Creates efficiencies for the Company and the Operating Partnership and result in savings in time, effort, and expense; and\n\n•Creates efficiencies for investors by reducing duplicative disclosure and providing a single document for their review.\n\n1\n\nTABLE OF CONTENTS\n\nPage\n\nPART I"}