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Kilroy Realty Signs 286,151 Square Foot Lease with Boeing

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LOS ANGELES, Apr 5, 2004 (BUSINESS WIRE) -- Kilroy Realty Corporation (NYSE:KRC) announced today that it has executed a three-year lease amendment with Boeing Satellite Systems for all of a 286,151 square foot building located at 2260 East Imperial Highway in El Segundo, California. Under the terms of the amended lease, the estimated annual base rental revenues will be approximately $5.5 million and the lease will now expire on July 31, 2007. In addition, there are no tenant improvement costs associated with the lease amendment. 2260 East Imperial Highway is Boeing Satellite Systems' headquarters building, and is part of Kilroy Airport Center - El Segundo, a three building, 700,000 square foot campus that is currently 99% leased.

Some of the information presented in this release is forward-looking in nature within the meaning of the Private Securities Litigation Reform Act of 1995. Although Kilroy Realty Corporation believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from Kilroy Realty's expectations are set forth as risk factors in the company's Securities and Exchange Commission reports and filings. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, Kilroy Realty claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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.

SOURCE: Kilroy Realty Corporation

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

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