Kilroy Realty is a REIT that owns, develops, and manages Class A office and life science properties on the West Coast. The portfolio spans roughly 16.3M sq ft across 121 buildings, concentrated in San Francisco, San Diego, Los Angeles, Seattle/Bellevue, and Austin, with tenants primarily in technology, life science, media, and business services. Technology tenants account for roughly half of annualized base rents, and the top 20 tenants represent about 54% of annualized base rents. Kilroy generates revenue by leasing space under multi-year contracts with contractual rent escalations, with NOI driven by occupancy, rent per sq ft, and lease spreads on new and renewal signings. As a REIT, Kilroy distributes at least 90% of taxable income, making external capital markets central to funding growth. Near-term growth is focused on leasing up Kilroy Oyster Point Phase 2, an ~872K sq ft life science campus in South San Francisco that is roughly 44% leased, anchored by a long-term UCSF lease. Kilroy also runs a spec suite program targeting fast-moving AI tenants in San Francisco who prioritize speed to occupancy. On the portfolio management side, Kilroy is actively recycling capital by selling non-core assets and redeploying into higher-conviction submarkets, including recent acquisitions in Beverly Hills and Torrey Pines. Kilroy is also monetizing land parcels in its development pipeline, targeting at least $165M in gross proceeds from land sales.