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Press Room Release

Kilroy Realty Corporation Declares First Dividend

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Contact: FOR RELEASE:
Richard E. Moran Jr Tyler H. Rose
Executive Vice President Senior Vice President
and Chief Financial Officer and Treasurer
(213) 772-1193

LOS ANGELES, CA, May 12, 1997 - The board of directors of Kilroy Realty Corporation (NYSE: KRC) today declared the company's first dividend. A cash dividend of $0.2583 per share will be payable on May 30, 1997 to shareholders of record on May 22, 1997. The dividend reflects the company's operations since its formation as a publicly traded real estate investment trust on January 31, 1997.

The dividend is equivalent to an annual rate of $1.55 per share, the amount anticipated during the company's initial public offering.

Kilroy Realty Corporation owns, operates and develops commercial and industrial properties, primarily in California. At March 31, 1997, the company owned 2.0 million square feet of commercial office space and 1.3 million square feet of industrial space.

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