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Kilroy Realty Corporation Prices Offering Of 6.375% Series H Cumulative Redeemable Preferred Stock

Kilroy Realty Corporation (NYSE: KRC) today announced that it has priced its public offering of 4,000,000 shares of 6.375% Series H Cumulative Redeemable Preferred Stock at $25.00 per share, plus accrued dividends, if any. The offering is expected to close on Wednesday, August 15, 2012, subject to customary closing conditions. Dividends on the Series H Cumulative Redeemable Preferred Stock will be paid quarterly in arrears on the 15th day of each February, May, August and November, commencing November 15, 2012 at a rate of 6.375% annually of the stated liquidation value of $25.00 per share, which is equivalent to $1.59375 per share on an annualized basis.

The Company intends to file an application to list the Series H Cumulative Redeemable Preferred Stock on the New York Stock Exchange. If the application is approved, trading of the Series H Cumulative Redeemable Preferred Stock on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series H Cumulative Redeemable Preferred Stock.

Wells Fargo Securities, LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers. The estimated net proceeds from the offering are expected to be approximately $96.3 million, after deducting the underwriting discount and the Company’s estimated offering expenses.

The Company intends to use the net proceeds from this offering to redeem all of its operating partnership’s outstanding 7.45% Series A Cumulative Redeemable Preferred Units and any remaining net proceeds for general corporate purposes, including repaying borrowings under the operating partnership’s revolving credit facility. The aggregate redemption price for the operating partnership’s Series A Cumulative Redeemable Preferred Units is $75.0 million, plus accrued and unpaid dividends, if any.

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