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Kilroy Realty Declares Quarterly Dividends

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LOS ANGELES--(BUSINESS WIRE)--Dec. 7, 2006--Kilroy Realty Corporation (NYSE: KRC) announced today that its board of directors declared a regular quarterly cash dividend of $0.53 per common share payable on January 18, 2007 to stockholders of record on December 29, 2006. The dividend is equivalent to an annual rate of $2.12 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, 2006 and ending on and including February 14, 2007. The dividend will be payable on February 15, 2007 to Series E preferred stockholders of record on January 31, 2007.

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 November 15, 2006 and ending on and including February 14, 2007. The dividend will be payable on February 15, 2007 to Series F preferred stockholders of record on January 31, 2007.

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 of office space in Los Angeles and San Diego counties. At September 30, 2006, the company owned 7.8 million rentable square feet of commercial office space and 4.2 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.

CONTACT: Kilroy Realty Corporation
Tyler H. Rose, Senior Vice President and Treasurer
310-481-8484

SOURCE: Kilroy Realty Corporation