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Kilroy Realty Amends Series A Preferred Units to Lower Coupon to 7.45%

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LOS ANGELES--(BUSINESS WIRE)--March 5, 2004--Kilroy Realty Corporation (NYSE:KRC) today announced an amendment to its $75 million, 8.075% Series A Cumulative Redeemable Perpetual Preferred Operating Units. Effective March 5, 2004, distributions on the Series A preferred units will accrue at a rate of 7.45% per annum, and the units will not be redeemable until September 30, 2009.

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. KRC is currently active in office development and redevelopment in Los Angeles and San Diego counties. At December 31, 2003, the company owned 7.3 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