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Press Room Release

Kilroy Realty Corporation Increases Quarterly Dividend 4.5%

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Tyler H. Rose
Senior Vice President
and Treasurer
(310) 563-5531

LOS ANGELES, CA, March 17, 1998 - Kilroy Realty Corporation (NYSE: KRC) announced today that its board of directors has declared a regular quarterly cash dividend of $0.405 per common share payable on April 9, 1998 to shareholders of record on March 31, 1998. The dividend is equivalent to an annual rate of $1.62 per share and is a 4.5% increase from the previous annualized dividend level of $1.55.

Additionally, the Board of Directors declared a distribution of $0.58 per unit of 8.075% Series A Cumulative Redeemable Preferred Units for the period from February 6, 1998 to March 31, 1998. The preferred unit distribution has a record date of March 31, 1998 and is payable on April 9, 1998. Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At December 31, 1997, the company owned 4.2 million square feet of commercial office space and 5.0 million square feet of industrial space.

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