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Kilroy Realty to Sell Additional Shares of Series F Preferred Stock

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LOS ANGELES--(BUSINESS WIRE)--Nov. 5, 2004--Kilroy Realty Corporation (NYSE:KRC) announced today that the underwriters of its public offering of 7.50% Series F Cumulative Redeemable Preferred Stock have exercised their option to purchase an additional 450,000 shares of Series F preferred, bringing the total offering size of the Series F preferred to 3,450,000 shares. The closing of the offering, including the additional shares, is subject to customary conditions and is expected to occur on December 8, 2004. Wachovia Securities was the sole book-running manager for the Series F preferred stock offering. Co-managers for the offering were A.G. Edwards & Sons, Inc., KeyBanc Capital Markets and RBC Capital Markets.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. A copy of the prospectus relating to these securities may be obtained when available by contacting Wachovia Securities, Attn: Prospectus Department, 8739 Research Drive, Charlotte, NC 28262, or 704-593-7559.

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. Included among these factors are changes in general economic conditions, including changes in the economic conditions affecting industries in which its principal tenants compete; Kilroy Realty's ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs, including utility costs; fluctuations in the company's share price and the resulting impact on general and administrative costs, future demand for its debt and equity securities; its ability to refinance its debt on reasonable terms at maturity; its ability to complete current and future development projects on schedule and on budget; the demand for office space in markets in which Kilroy Realty has a presence; and risks detailed from time to time in the company's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Many of these factors are beyond Kilroy Realty's ability to control or predict. 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 September 30, 2004, the company owned 7.4 million square feet of commercial office space and 4.6 million square feet of industrial space. More information is available at

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

    SOURCE: Kilroy Realty Corporation