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Kilroy Realty Completes $39 Million Perpetual Preferred Private Placement

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LOS ANGELES, Dec. 9 /PRNewswire/ -- Kilroy Realty Corporation (NYSE: KRC) today reported that Kilroy Realty L.P. has completed a private sale of 780,000 units of 9.25% Series D Cumulative Redeemable Preferred Units at $50 per unit. The net proceeds of approximately $38.0 million will be used to reduce the balance on the company's revolving line of credit and partially fund a share repurchase program. The preferred units, which may be called by Kilroy Realty, L.P. at par on or after December 9, 2004, have no stated maturity or mandatory redemption and are not convertible into any other securities of the limited partnership. The preferred units were placed directly with a private investor, with Merrill Lynch acting as placement agent.

Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the commercial office and industrial property sectors. The company has a 50-year history of owning, developing, acquiring and managing real estate assets in the coastal regions of California and Washington. Principal submarkets for the company's current development projects include Los Angeles, San Diego, Long Beach and Orange County, where the company's total development program exceeds $480 million. At September 30, 1999, the company owned 6.2 million square feet of commercial office space and 6.4 million square feet of industrial space. More information on Kilroy Realty can be found at www.kilroyrealty.com.

SOURCE Kilroy Realty Corporation

CONTACT: Tyler H. Rose, Senior Vice President and Treasurer of Kilroy Realty Corporation, 310-563-5531/