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Kilroy Realty Corporation Declares Quarterly Dividends

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LOS ANGELES--(BUSINESS WIRE)--May 18, 2004--Kilroy Realty Corporation (NYSE:KRC) announced today that its board of directors declared a regular quarterly cash dividend of $0.495 per common share payable on July 16, 2004 to common stockholders of record on June 30, 2004. The dividend is equivalent to an annual rate of $1.98 per share.

The board of directors also declared a dividend of $0.4875 per share on the company's 7.80% Series E Cumulative Redeemable Preferred Stock for the period commencing on and including May 15, 2004 and ending on and including August 14, 2004. The dividend will be payable on August 13, 2004 to preferred stockholders of record on August 2, 2004.

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 March 31, 2004, the company owned 7.2 million square feet of commercial office space and 4.9 million square feet of industrial space. More information can be found at

Kilroy Realty Corporation
Tyler H. Rose, 310-481-8484

SOURCE: Kilroy Realty Corporation