基尔罗伊美股招股说明书(2025-08-07版)

$400,000,000 5.875% Senior Notes due 2035 guaranteed by Kilroy Realty Corporation The notes will bear interest at the rate of 5.875% per year. Interest on the notes will be payable semi-annually in arrears on April 15 and October 15 of each year,beginning April 15, 2026. The notes will mature on October 15, 2035 unless earlier redeemed as described in this prospectus supplement. Kilroy Realty, L.P., which we refer to as the operating partnership, may, at its option, redeem the notes at any time in whole or from time to time in part at the applicableredemption price described under “Description of Notes—Redemption of the Notes at the Option of the Operating Partnership” in this prospectus supplement. The notes will be senior unsecured obligations of the operating partnership and will rank equally in right of payment with all of its other existing and future seniorunsecured indebtedness and will be effectively subordinated in right of payment to, among other things, all of its existing and future mortgage indebtedness and othersecured indebtedness (to the extent of the value of the collateral securing such indebtedness) and to all existing and future indebtedness and other liabilities, whethersecured or unsecured, of the operating partnership’s subsidiaries. The notes will be guaranteed by Kilroy Realty Corporation, which we refer to as the Company. TheCompany has no material assets other than its investment in the operating partnership. The notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the notes on any securities exchange or for inclusion ofthe notes in any quotation system. An investment in the notes involves various risks and prospective investors should carefully consider the matters discussed under“Risk Factors” beginning on pageS-5of this prospectus supplement and the matters discussed in the documents incorporated byreference in this prospectus supplement and the accompanying prospectus before making a decision to invest in the notes. PernoteTotalPublic offering price(1)98.991%$395,964,000Underwriting discounts and commissions0.650%$2,600,000Proceeds, before expenses, to Kilroy Realty, L.P.98.341%$393,364,000 (1)Plus accrued interest from August 8, 2025 if settlement occurs after that date. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if thisprospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We expect that the notes will be ready for delivery in book-entry form through The Depository Trust Company on or about August 8, 2025. Table of Contents TABLE OF CONTENTS Prospectus Supplement INDUSTRY AND MARKET DATAPROSPECTUS SUPPLEMENT SUMMARYTHE OFFERINGRISK FACTORSFORWARD-LOOKING STATEMENTSUSE OF PROCEEDSDESCRIPTION OF NOTESUNDERWRITING (CONFLICTS OF INTEREST)INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCELEGAL MATTERSEXPERTS Prospectus RISK FACTORSFORWARD-LOOKINGSTATEMENTSTHE COMPANYUSE OF PROCEEDSDESCRIPTION OF DEBT SECURITIES AND RELATED GUARANTEES Table of Contents Kilroy Realty, L.P., or the operating partnership, is a Delaware limited partnership, and Kilroy Realty Corporation, or the Company or guarantor, is thesole general partner of the operating partnership. Unless otherwise expressly stated or the context otherwise requires, in this prospectus supplement andthe accompanying prospectus,“we,”“us”and“our”refer collectively to the Company, the operating partnership and the Company’s othersubsidiaries. References in this prospectus supplement to our or the operating partnership’s revolving credit facility mean the operating partnership’s$1.1billion unsecured revolving creditfacility, references in this prospectus supplement to our or the operating partnership’s term loan facility meansthe operating partnership’s$200.0millionunsecured term loan facility and references in this prospectus supplement to our or the operatingpartnership’s unsecured private placement notes mean (i)the operating partnership’s unsecured 4.30% senior notes, series A, due July18, 2026, (ii)theoperating partnership’s unsecured 4.35% senior notes, series B, due October18, 2026, (iii) the operating partnership’s unsecured 3.35% senior notes,series A, due February17, 2027, (iv) the operating partnership’s unsecured 3.45% senior notes, series B, due February17, 2029, and (v)the operatingpartnership’s unsecured 4.27% senior notes due January31, 2031, issued in private placements by the operating partnership, in each case unlessotherwise expressly stated or the context otherwise requires and, in each case as amended or supplemented from time to time. Borrowings under theoperating partnership’s revolving credit facility, term loan facility and unsecured private placement notes are guaranteed by the Company. You should rely only on the information contained in this prospe