Form 4: Kilroy Realty CEO Reports Routine Stock Transactions

Kilroy Realty Corp's CEO, Angela M. Aman, reported the acquisition of restricted stock units and the sale of common stock to cover tax withholdings.

Summary

• Angela M. Aman, Chief Executive Officer and Director of Kilroy Realty Corp (NYSE: KRC), reported changes in her beneficial ownership.
• On January 7, 2026, Aman acquired 694.5443 shares of common stock at a price of $0, representing restricted stock units (RSUs) for dividend equivalent rights.
• On January 9, 2026, Aman disposed of 7,458 shares of common stock at a price of $39.82 per share to satisfy tax withholding obligations.
• Following these transactions, Aman directly beneficially owns 104,849.7427 shares of common stock.
• Additionally, Aman indirectly owns 2,797 shares of common stock through a revocable family trust.
• On January 7, 2026, 501.4004 derivative restricted stock units were credited to Aman, representing dividend equivalent rights on previously reported underlying RSU awards.
• The reporting person's direct beneficial ownership of derivative restricted stock units is now 36,806.5021 units.
• The performance units awarded in 2024 cover a three-year performance period ending December 31, 2026, and remain subject to additional time-based vesting requirements.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The transactions are routine for executive compensation, involving both the acquisition of equity (RSUs) and a non-discretionary sale for tax purposes. The RSU grants align management incentives with shareholders, which is a positive, while the tax-related sale is a standard operational event.

Positives

• The grant of restricted stock units and crediting of dividend equivalent rights align management's interests with shareholders through equity compensation.

Negatives

• The disposal of 7,458 shares of common stock, even for tax withholding, reduces the direct beneficial ownership of the CEO.

Future Outlook

Performance units awarded in 2024 are subject to a three-year performance period concluding on December 31, 2026, with additional time-based vesting requirements.

Industry Context

This Form 4 filing details routine insider transactions, which are common for executives receiving equity-based compensation and managing tax obligations related to such awards. It does not provide specific insights into broader industry trends for real estate investment trusts (REITs) or the commercial real estate market.

Related Party Transactions

• Angela M. Aman holds 2,797 shares indirectly through a revocable family trust.

Stakeholder Impact

• Shareholders: The RSU grants align the CEO's interests with shareholder value creation. The tax-related sale is a minor, non-discretionary event with minimal impact.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Continued vesting of performance units through the end of the performance period on December 31, 2026.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, specifically the grant of restricted stock units as part of executive compensation and a subsequent sale of shares to cover tax withholding. These are standard, non-discretionary events that do not provide new fundamental information about the company's operational performance, strategic direction, or financial health. Therefore, they do not warrant a change in an existing investment thesis, leading to a 'hold' recommendation.

Keywords

Kilroy Realty, KRC, Form 4, Insider Transaction, Restricted Stock Units, Dividend Equivalent Rights, CEO, Beneficial Ownership