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Kilroy Realty, L.P. Completes $35 Million Perpetual Preferred Private Placement

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LOS ANGELES, November 25, 1998 – Kilroy Realty Corporation (NYSE:KRC) today announced that Kilroy Realty L.P. completed a private sale of 700,000 units of 9.375% Series C Cumulative Redeemable Preferred Units at $50 per unit. The net proceeds of approximately $34.1 million will be used to reduce the balance of the partnership’s revolving line of credit.

The Preferred Units, which may be called by Kilroy Realty, L.P. at par on or after November 24, 2003, have no stated maturity or mandatory redemption and are not convertible into any other securities of the limited partnership.

The Preferred Units were placed directly with private investors. Merrill Lynch acted as placement agent.

Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At September 30, 1998, the company owned 5.4 million square feet of commercial office space and 5.7 million square feet of industrial space.