At the terahertz spectrum, the 2D material graphene has diagonal and Hall conductivities in the presence of a magnetic field. These peculiar properties provide graphene-based structures with a magnetically tunable response to electromagnetic waves. In this work, the absolute reflection intensity was measured for a graphene-based reflector illuminated by linearly polarized incident waves at room temperature, which demonstrated the intensity modulation depth (IMD) under different magnetostatic biases by up to 15%. Experimental data were fitted and analyzed by a modified equivalent circuit model. In addition, as an important phenomenon of the graphene gyrotropic response, Kerr rotation is discussed according to results achieved from full-wave simulations. It is concluded that the IMD is reduced for the best Kerr rotation in the proposed graphene-based reflector.