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Kilroy Realty Increases Common Share Repurchase Program

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LOS ANGELES--(BUSINESS WIRE)--Nov. 21, 2002--Kilroy Realty Corporation (NYSE:KRC) announced today that its Board of Directors has approved an increase of one million shares in its existing common stock share repurchase program.

In December 1999, Kilroy Realty initially authorized the repurchase of up to three million shares of its common stock. To date, the company has repurchased 2,772,500 shares at a weighted average price of $20.88, including 508,200 shares in the fourth quarter of 2002 at an average price of $22.39.

Under the program, purchases may be made from time to time in open market transactions at prevailing prices or through privately negotiated transactions and may be discontinued at any time. The company intends to fund this program through the proceeds of a targeted disposition program of non-strategic and mature office and industrial properties.

Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, 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 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. At September 30, 2002, the company owned 7.6 million square feet of commercial office space and 5.2 million square feet of industrial space. More information can be found at www.kilroyrealty.com.

CONTACT:
Kilroy Realty Corporation, Los Angeles
Tyler H. Rose, 310/481-8484