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Kilroy Realty Increases Quarterly Common Dividend 3.0%

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LOS ANGELES--(BUSINESS WIRE)--March 9, 2005--Kilroy Realty Corporation (NYSE:KRC) announced today that its board of directors declared a regular quarterly cash dividend of $0.51 per common share payable on April 15, 2005 to shareholders of record on March 31, 2005. The dividend is equivalent to an annual rate of $2.04 per share and is a 3.0% increase from the previous annualized dividend level of $1.98.

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 February 15, 2005 and ending on and including May 14, 2005. The dividend will be payable on May 16, 2005 to preferred stockholders of record on May 2, 2005.

The board of directors also declared a dividend of $0.46875 per share on the company's 7.50% Series F Cumulative Redeemable Preferred Stock for the period commencing on and including February 15, 2005 and ending on and including May 14, 2005. The dividend will be payable on May 16, 2005 to preferred stockholders of record on May 2, 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 December 31, 2004, the company owned 7.7 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