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Kilroy Realty Corporation Obtains $425 Million Unsecured Credit Facility

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LOS ANGELES--(BUSINESS WIRE)--March 18, 2002--Kilroy Realty Corporation (NYSE:KRC) today reported that it obtained a new $425 million unsecured revolving credit facility, replacing its previous $400 million unsecured revolving credit line, and repaid its $100 million unsecured bank term loan.

The new three-year facility, which matures in March 2005, was syndicated to a group of fourteen U.S. and international banks led by J.P. Morgan Securities Inc. ("JPMorgan"). It currently bears interest at LIBOR plus 1.5% and the rate varies from LIBOR plus 1.125% to 1.75%, depending upon the company's leverage ratio. The company will use the facility to finance its development pipeline, fund acquisitions and for general corporate purposes.

JPMorgan arranged the syndicate of fourteen banks, and acted as bookrunner and lead arranger for the facility with Commerzbank AG, Fleet National Bank and Wachovia Securities, Inc. as syndication agents and Bank One, NA and Dresdner Bank AG as documentation agents. The co-agent in the facility is KeyBank, N.A. Other participants include Union Bank of California, KBC Bank, N.V., Mellon Bank, N.A., PNC Bank, National Association, U.S. Bank, Chang Hwa Commercial Bank, LTD. and Comerica Bank.

Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the office and industrial property sectors. The company is a member of the S&P Small Cap 600 Index. For more than 50 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of California and Washington. Principal submarkets for KRC's current development program include West Los Angeles, El Segundo and coastal San Diego, where the company's total development pipeline is more than $500 million. At December 31, 2001, the company owned 7.2 million square feet of commercial office space and 5.1 million square feet of industrial space. More information on Kilroy Realty can be found at www.kilroyrealty.com.

CONTACT:
Kilroy Realty Corp.
Tyler H. Rose, (310) 563-5531