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Kilroy Realty Prices Series E Preferred Stock

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LOS ANGELES--(BUSINESS WIRE)--Oct. 9, 2003--Kilroy Realty Corporation (NYSE:KRC) announced today that it has priced an offering of 1,400,000 shares of its Series E Cumulative Redeemable Preferred Stock. The shares of Series E preferred stock have a liquidation preference of $25 per share and will be redeemable at the option of the Company on or after November 21, 2008. The Underwriters have also been granted an option, exercisable for 30 days, to purchase up to an additional 210,000 shares of Series E preferred stock to cover over-allotments. The closing of the offering is subject to customary conditions and is expected to occur on November 21, 2003.

Wachovia Securities was the sole book-running manager for the Series E preferred stock offering. Co-managers for the offering were McDonald Investments Inc. and RBC Capital Markets.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. A copy of the prospectus relating to these securities may be obtained when available by contacting Wachovia Securities, Attn: Prospectus Department, 8739 Research Drive, Charlotte, NC 28262, or 704-593-7559.

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 El Segundo and coastal San Diego. At June 30, 2003, the company owned 6.9 million square feet of commercial office space and 4.9 million square feet of industrial space. More information is available at www.kilroyrealty.com.

CONTACT:
Kilroy Realty Corporation
Richard E. Moran Jr., 310-481-8483
Tyler H. Rose, 310-481-8484

SOURCE: Kilroy Realty Corporation