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Kilroy Realty Corporation Declares Quarterly Dividends

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LOS ANGELES--(BUSINESS WIRE)--Dec. 7, 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 January 18, 2005 to common stockholders of record on December 31, 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 November 15, 2004 and ending on and including February 14, 2005. The dividend will be payable on February 15, 2005 to preferred stockholders of record on February 1, 2005.

The board of directors also declared a dividend of $0.36 per share on the company's 7.50% Series F Cumulative Redeemable Preferred Stock for the period commencing on and including December 8, 2004 and ending on and including February 14, 2005, subject to the closing of the Series F Preferred Stock offering which is expected to occur on December 8, 2004. The dividend will be payable on February 15, 2005 to preferred stockholders of record on February 1, 2005.

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 can be found at www.kilroyrealty.com.

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

SOURCE: Kilroy Realty Corporation