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Kilroy Realty Corporation Declares Quarterly Dividends

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LOS ANGELES--(BUSINESS WIRE)--Sept. 17, 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 October 15, 2004 to common stockholders of record on September 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 August 15, 2004 and ending on and including November 14, 2004. The dividend will be payable on November 12, 2004 to preferred stockholders of record on November 1, 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 June 30, 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 www.kilroyrealty.com.

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

SOURCE: Kilroy Realty Corporation