Kilroy

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Press Room Release

Kilroy Realty Corporation Increases Quarterly Dividend 6.7%

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LOS ANGELES, Feb. 6, 2001 -- Kilroy Realty Corporation (NYSE:KRC) announced today that its board of directors has declared a regular quarterly cash dividend of $0.48 per common share payable on April 18, 2001 to shareholders of record on March 30, 2001. The dividend is equivalent to an annual rate of $1.92 per share and is a 6.7% increase from the previous annualized dividend level of $1.80.

Kilroy Realty Corporation is a southern California-based real estate investment trust active in the office and industrial property sectors. For more than 50 years, the company has owned, developed, acquired and managed real estate assets in the coastal regions of California and Washington. Principal submarkets for KRC's current development projects include Calabasas, West Los Angeles, El Segundo and coastal San Diego, where the company's total development pipeline exceeds $480 million. At December 31, 2000, the company owned 6.6 million square feet of commercial office space and 5.8 million square feet of industrial space. More information on Kilroy Realty can be found at www.kilroyrealty.com.

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CONTACT: Kilroy Realty Corp., Los Angeles
         Tyler H. Rose, Senior Vice President and Treasurer
         (310) 563-5531