Boeing Exercises Three-Year Extension Option at Kilroy Realty El Segundo Building
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LOS ANGELES--(BUSINESS WIRE)--Aug. 1, 2006--Kilroy Realty Corporation (NYSE:KRC) today said that Boeing Satellite Systems has exercised its three-year extension option for all of a 286,151 square foot building located at 2260 East Imperial Highway in El Segundo, California. Under the terms of the extension option, the lease will now expire on July 31, 2010. Rent will be determined through an arbitration process that will be concluded prior to the commencement of the extension period that begins August 1, 2007. 2260 East Imperial Highway is Boeing Satellite Systems' headquarters building, and is part of Kilroy Airport Center - El Segundo, a three-building, 700,000 square foot campus.
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; 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, current 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. Kilroy Realty currently has an in-process development and redevelopment pipeline of approximately 1.3 million square feet in Los Angeles and San Diego counties. At June 30, 2006, the company owned 7.8 million rentable square feet of commercial office space and 4.4 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.
CONTACT: Kilroy Realty Corporation