Exhibit 99.2

Contact:		FOR RELEASE:
Tyler H. Rose		May 2, 2011
Executive Vice President
And Chief Financial Officer
(310) 481-8484
or
Michelle Ngo
Vice President and Treasurer
(310) 481-8581

KILROY REALTY CORPORATION REPORTS
FIRST QUARTER FINANCIAL RESULTS

     LOS ANGELES, May 2, 2011 — Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its first quarter ended March 31, 2011 with net income available to common stockholders of $1.0 million, or $0.01 per share, compared to $4.9 million, or $0.11 per share, in the first quarter of 2010. Revenues in the first quarter totaled $88.1 million, up from $66.8 million in the prior year’s first quarter. Funds from operations (FFO) for the period totaled $30.1 million, or $0.55 per share, compared to $25.8 million, or $0.57 per share, in the year-earlier period.

     In the first quarter of 2011 the company incurred approximately $0.03 per share of litigation related expenses and approximately $0.01 per share of acquisition related expenses, and received a payment of approximately $0.01 per share related to a previously disclosed tenant default issue. All per share amounts in this report are presented on a diluted basis.

     As previously reported, in January KRC completed its third acquisition in the South Financial District of San Francisco, purchasing 250 Brannan Street for approximately $33.0 million. The 91,000 square-foot office building, currently 77% leased to two

tenants, increased the company’s stabilized portfolio at March 31, 2011 to approximately 14.1 million square feet.

     In April, the company closed on the previously announced $100.1 million acquisition of the Plaza at Yarrow Bay, a four building, 280,000 square foot, 87% occupied office project in Kirkland, Washington. The company assumed approximately $30 million of secured debt as part of the acquisition. In addition, the company is in various stages of negotiations on six additional office acquisitions, which have a total estimated purchase price of approximately $330 million. These acquisitions are projected to close in the second to third quarter of 2011, subject to customary closing conditions.

     KRC signed new and renewing leases during the first quarter on approximately 350,000 square feet of office and industrial space, boosting occupancy in the company’s stabilized portfolio at the end of the quarter to 90.8%, up from 89.1% at year-end 2010.

     In April, KRC completed a public offering of 6,037,500 shares of its common stock at a price of $38.25 per share, generating net proceeds of approximately $221.2 million. The company used the net proceeds to pay down its revolving credit facility and fund its ongoing acquisition program.

     “With commercial real estate showing more signs of stability, we’re evaluating value-added opportunities in addition to core properties,” said John B. Kilroy, Jr., KRC’s president and chief executive officer. “Our pending and closed acquisitions are well-located, quality assets that provide economic upside at purchase prices below replacement cost.”

     KRC management will discuss updated earnings guidance for fiscal 2011 during the company’s May 3, 2011 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. Those interested in listening via the Internet can access the conference call at www.kilroyrealty.com. Please go to the website 15 minutes before the call and register. It may be necessary to download audio software to hear the conference call. Those interested in listening via telephone can access the conference call at (888) 680-0878, reservation # 11433812. A replay of the conference call will be available via phone through May 10, 2011 at (888) 286-8010, reservation # 97321664, or via the Internet at the company’s website.

     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 real estate investment trust active in office and industrial submarkets along the West Coast. For over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, greater Seattle and the San Francisco Bay Area. At March 31, 2011, the company owned 10.5 million rentable square feet of commercial office space and 3.6 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.

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KILROY REALTY CORPORATION
SUMMARY QUARTERLY RESULTS
(unaudited, in thousands, except per share data)

		Three Months				Three Months
		Ended				Ended
		March 31, 2011				March 31, 2010
Revenues		$	88,125			$	66,819
Net income available to common stockholders		$	1,034			$	4,886
Weighted average common shares outstanding — basic			52,302				43,012
Weighted average common shares outstanding — diluted			52,573				43,015
Net income available to common stockholders per share — basic		$	0.01			$	0.11
Net income available to common stockholders per share — diluted		$	0.01			$	0.11
Funds From Operations (1),(2)		$	30,127			$	25,806
Weighted average common shares/units outstanding — basic (3)			54,902				45,554
Weighted average common shares/units outstanding — diluted (3)			55,173				45,557
Funds From Operations per common share/unit — basic (3)		$	0.55			$	0.57
Funds From Operations per common share/unit — diluted (3)		$	0.55			$	0.57
Common shares outstanding at end of period			52,419				43,093
Common partnership units outstanding at end of period			1,723				1,723
Total common shares and units outstanding at end of period			54,142				44,816

		March 31, 2011				March 31, 2010
Stabilized portfolio occupancy rates:
Office			89.0	%			81.8	%
Industrial			95.9	%			85.3	%
Weighted average total			90.8	%			82.8	%
Los Angeles and Ventura Counties			91.3	%			88.7	%
San Diego			87.8	%			79.3	%
Orange County			95.4	%			82.1	%
San Francisco			87.0	%			—
Greater Seattle			100.0	%			—
Weighted average total			90.8	%			82.8	%
Total square feet of stabilized properties owned at end of period:
Office			10,486				8,797
Industrial			3,605				3,655
Total			14,091				12,452

KILROY REALTY CORPORATION CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

		March 31, 2011				December 31, 2010
ASSETS
REAL ESTATE ASSETS:
Land and improvements		$	498,963			$	491,333
Buildings and improvements			2,470,989				2,435,173
Undeveloped land and construction in progress			296,245				290,365
Total real estate held for investment			3,266,197				3,216,871
Accumulated depreciation and amortization			(695,548	)			(672,429	)
Total real estate assets, net			2,570,649				2,544,442
Cash and cash equivalents			6,708				14,840
Restricted cash			1,899				1,461
Marketable securities			5,425				4,902
Current receivables, net			4,816				6,258
Deferred rent receivables, net			93,392				89,052
Deferred leasing costs and acquisition-related intangible assets, net			129,578				131,066
Deferred financing costs, net			15,742				16,447
Prepaid expenses and other assets, net			13,724				8,097
TOTAL ASSETS		$	2,841,933			$	2,816,565
LIABILITIES, NONCONTROLLING INTEREST AND EOUITY
LIABILITIES:
Secured debt, net		$	446,539				313,009
Exchangeable senior notes, net			301,652				299,964
Unsecured senior notes, net			655,866				655,803
Unsecured line of credit			57,000				159,000
Accounts payable, accrued expenses and other liabilities			78,847				68,525
Accrued distributions			20,443				20,385
Deferred revenue and acquisition-related intangible liabilities, net			78,992				79,322
Rents received in advance and tenant security deposits			26,433				29,189
Total liabilities			1,665,772				1,625,197
NONCONTROLLING INTEREST:
7.45% Series A cumulative redeemable preferred units of the Operating Partnership			73,638				73,638
EQUITY:
Stockholders’ Equity
7.80% Series E Cumulative Redeemable Preferred stock			38,425				38,425
7.50% Series F Cumulative Redeemable Preferred stock			83,157				83,157
Common stock			524				523
Additional paid-in capital			1,214,463				1,211,498
Distributions in excess of earnings			(264,848	)			(247,252	)
Total stockholders’ equity			1,071,721				1,086,351
Noncontrolling Interest
Common units of the Operating Partnership			30,802				31,379
Total equity			1,102,523				1,117,730
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY		$	2,841,933			$	2,816,565

KILROY REALTY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)

		Three Months				Three Months
		Ended				Ended
		March 31, 2011				March 31, 2010
REVENUES:
Rental income		$	80,290			$	60,656
Tenant reimbursements			6,422				5,718
Other property income			1,413				445
Total revenues			88,125				66,819
EXPENSES:
Property expenses			17,689				12,020
Real estate taxes			8,169				6,036
Provision for bad debts			26				26
Ground leases			339				(58	)
General and administrative expenses			6,560				7,095
Acquisition-related expenses			472				313
Depreciation and amortization			29,311				20,938
Total expenses			62,566				46,370
OTHER (EXPENSES) INCOME:
Interest income and other net investment gains			184				384
Interest expense			(20,876	)			(11,956	)
Total other (expenses) income			(20,692	)			(11,572	)
NET INCOME			4,867				8,877
Net income attributable to noncontrolling common units of the Operating Partnership			(34	)			(192	)
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION			4,833				8,685
PREFERRED DISTRIBUTIONS AND DIVIDENDS:
Distributions on noncontrolling cumulative redeemable preferred units of the Operating Partnership			(1,397	)			(1,397	)
Preferred dividends			(2,402	)			(2,402	)
Total preferred distributions and dividends			(3,799	)			(3,799	)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	1,034			$	4,886
Weighted average common shares outstanding — basic			52,302				43,012
Weighted average common shares outstanding — diluted			52,573				43,015
Net income available to common stockholders per share — basic		$	0.01			$	0.11
Net income available to common stockholders per share — diluted		$	0.01			$	0.11

KILROY REALTY CORPORATION FUNDS FROM OPERATIONS
(unaudited, in thousands, except per share data)

		Three Months Ended				Three Months Ended
		March 31, 2011				March 31, 2010
Net income available to common stockholders		$	1,034			$	4,886
Adjustments:
Net income attributable to noncontrolling common units of the Operating Partnership			34				192
Depreciation and amortization of real estate assets			29,059				20,728
Funds From Operations (1)		$	30,127			$	25,806
Weighted average common shares/units outstanding — basic			54,902				45,554
Weighted average common shares/units outstanding — diluted			55,173				45,557
Funds From Operations per common share/unit — basic (2)		$	0.55			$	0.57
Funds From Operations per common share/unit — diluted (2)		$	0.55			$	0.57