Exhibit 99.2

Contact:		FOR RELEASE:
Tyler H. Rose		July 25, 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
SECOND QUARTER FINANCIAL RESULTS

     LOS ANGELES, July 25, 2011 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its second quarter ended June 30, 2011, with a net loss available to common stockholders of $317,000, or $0.01 per share, compared to a net loss available to common stockholders of $1.8 million, or $0.04 per share, in the second quarter of 2010. Revenues in the second quarter totaled $92.1 million, up from $72.4 million in the prior year’s second quarter. Funds from operations (FFO) for the second quarter ended June 30, 2011 totaled $31.6 million, or $0.52 per share, compared to $21.7 million, or $0.41 per share, in the year-earlier period.

     For the first six months of 2011, KRC reported net income available to common stockholders of $717,000, or less than $0.01 per share, compared to $3.1 million, or $0.05 per share, in the first half of 2010. Revenues in the six-month period totaled $180.2 million, up from $139.2 million in the same period of 2010. FFO for the first half of 2011 totaled $61.8 million, or $1.06 per share, compared to $47.5 million, or $0.96 per share, in the first half of 2010.

     Results for the second quarter and six months ended June 30, 2010 included a one-time charge of $4.6 million related to the early extinguishment of debt. All per share amounts in this report are presented on a diluted basis.

     During the second quarter, KRC acquired four office projects aggregating approximately 1.1 million square feet of rentable space for a total purchase price of approximately $380 million, including the assumption of approximately $30

million of debt. These transactions included the previously announced purchases of The Plaza at Yarrow Bay located in Kirkland, Washington, Key Center located in Bellevue, Washington and 10770 Wateridge Circle located in the Sorrento Mesa submarket of San Diego. Late in the quarter, the company closed on a $32 million acquisition of a 93% occupied, 127,000 square foot office project located in San Rafael, a submarket north of San Francisco in Marin County.

     Through the first six months of 2011, KRC completed the acquisition of five office projects, adding approximately 1.2 million square feet to its stabilized portfolio. The aggregate purchase price of these transactions was approximately $413 million.

     In addition, KRC is in various stages of negotiations on four additional office acquisitions that would have an aggregate estimated purchase price of approximately $266 million. The acquisitions would include the assumption of approximately $83 million of secured debt. Two of these projects are in Northern California and two are in Southern California. These acquisitions are projected to close in the third and fourth quarter of 2011, subject to customary closing conditions.

     KRC signed new and renewing leases during the second quarter on approximately 359,000 square feet of office and industrial space. Occupancy in KRC’s stabilized portfolio was 90.2% at the end of the period.

     In July, KRC’s operating partnership completed a registered public offering of $325 million in aggregate principal of 4.800% senior unsecured notes due 2018, generating net proceeds of approximately $321.4 million. The company used the net proceeds to pay down its revolving credit facility and for general corporate purposes.

     “We continue to see increased activity and positive absorption in our targeted West Coast markets,” said John B. Kilroy, Jr., KRC’s president and chief executive officer. “We remain focused on leasing our stabilized portfolio and building long-term value through a highly selective, disciplined approach to acquiring well-located, high quality assets at economically advantageous prices.”

     KRC also announced that it has established an “at the market” stock offering program through which it may sell up to an aggregate of $200 million of its common stock. The company intends to use the proceeds from any offering for general corporate purposes, which may include investment opportunities and debt reduction.

          KRC management will discuss updated earnings guidance for fiscal 2011 during the company’s July 26, 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) 679-8034, reservation #22399044. A replay of the conference call will be available via phone through August 2, 2011 at (888) 286-8010, reservation #14986801, 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 acquisitions and successfully operate properties; 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 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 June 30, 2011, the company owned 11.5 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				Six Months				Six Months
		Ended				Ended				Ended				Ended
		June 30, 2011				June 30, 2010				June 30, 2011				June 30, 2010
Revenues		$	92,064			$	72,416			$	180,189			$	139,235
Net (loss) income available to common stockholders		$	(317	)		$	(1,783	)		$	717			$	3,103
Weighted average common shares outstanding — basic			57,686				50,297				55,009				46,674
Weighted average common shares outstanding — diluted			57,686				50,297				55,385				46,678
Net (loss) income available to common stockholders per share — basic		$	(0.01	)		$	(0.04	)		$	0.00			$	0.05
Net (loss) income available to common stockholders per share — diluted		$	(0.01	)		$	(0.04	)		$	0.00			$	0.05
Funds From Operations (1), (2)		$	31,643			$	21,658			$	61,770			$	47,464
Weighted average common shares/units outstanding — basic (3)			60,337				52,884				57,634				49,240
Weighted average common shares/units outstanding — diluted (3)			60,817				52,889				58,010				49,243
Funds From Operations per common share/unit — basic (3)		$	0.52			$	0.41			$	1.07			$	0.96
Funds From Operations per common share/unit — diluted (3)		$	0.52			$	0.41			$	1.06			$	0.96
Common shares outstanding at end of period											58,464				52,296
Common partnership units outstanding at end of period											1,718				1,723
Total common shares and units outstanding at end of period											60,183				54,019

		June 30, 2011				June 30, 2010
Stabilized portfolio occupancy rates:
Office			87.9	%			85.7	%
Industrial			97.6	%			83.3	%
Weighted average total			90.2	%			85.1	%
Los Angeles and Ventura Counties			84.0	%			93.3	%
San Diego County			88.4	%			81.5	%
Orange County			96.7	%			81.7	%
San Francisco Bay Area			93.1	%			89.7	%
Greater Seattle			90.4	%			—
Weighted average total			90.2	%			85.1	%
Total square feet of stabilized properties owned at end of period:
Office			11,466				10,089
Industrial			3,605				3,654
Total			15,071				13,743

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

		June 30, 2011				December 31, 2010
ASSETS
REAL ESTATE ASSETS:
Land and improvements		$	528,082			$	491,333
Buildings and improvements			2,820,766				2,435,173
Undeveloped land and construction in progress			303,998				290,365
Total real estate held for investment			3,652,846				3,216,871
Accumulated depreciation and amortization			(720,864	)			(672,429	)
Total real estate assets, net			2,931,982				2,544,442
Cash and cash equivalents			25,412				14,840
Restricted cash			1,349				1,461
Marketable securities			5,654				4,902
Current receivables, net			4,732				6,258
Deferred rent receivables, net			97,958				89,052
Deferred leasing costs and acquisition-related intangible assets, net			153,231				131,066
Deferred financing costs, net			18,910				16,447
Prepaid expenses and other assets, net			25,559				8,097
TOTAL ASSETS		$	3,264,787			$	2,816,565
LIABILITIES, NONCONTROLLING INTEREST AND EQUITY
LIABILITIES:
Secured debt, net		$	475,820			$	313,009
Exchangeable senior notes, net			303,374				299,964
Unsecured senior notes, net			655,929				655,803
Unsecured line of credit			245,000				159,000
Accounts payable, accrued expenses and other liabilities			66,664				68,525
Accrued distributions			22,563				20,385
Deferred revenue and acquisition-related intangible liabilities, net			90,149				79,322
Rents received in advance and tenant security deposits			28,117				29,189
Total liabilities			1,887,616				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			585				523
Additional paid-in capital			1,433,951				1,211,498
Distributions in excess of earnings			(285,916	)			(247,252	)
Total stockholders’ equity			1,270,202				1,086,351
Noncontrolling Interest
Common units of the Operating Partnership			33,331				31,379
Total equity			1,303,533				1,117,730
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY		$	3,264,787			$	2,816,565

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

		Three Months				Three Months				Six Months				Six Months
		Ended				Ended				Ended				Ended
		June 30, 2011				June 30, 2010				June 30, 2011				June 30, 2010
REVENUES:
Rental income		$	83,452			$	65,038			$	163,742			$	125,694
Tenant reimbursements			7,510				6,483				13,932				12,201
Other property income			1,102				895				2,515				1,340
Total revenues			92,064				72,416				180,189				139,235
EXPENSES:
Property expenses			17,583				14,543				35,272				26,563
Real estate taxes			8,413				6,482				16,582				12,518
Provision for bad debts			120				(12	)			146				14
Ground leases			424				370				763				312
General and administrative expenses			7,440				6,728				14,000				13,823
Acquisition-related expenses			1,194				957				1,666				1,270
Depreciation and amortization			32,248				23,722				61,559				44,660
Total expenses			67,422				52,790				129,988				99,160
OTHER (EXPENSES) INCOME:
Interest income and other net investment gains (losses)			58				(18	)			242				366
Interest expense			(21,228	)			(13,088	)			(42,104	)			(25,044	)
Loss on early extinguishment of debt			—				(4,564	)			—				(4,564	)
Total other (expenses) income			(21,170	)			(17,670	)			(41,862	)			(29,242	)
NET INCOME			3,472				1,956				8,339				10,833
Net loss (income) attributable to noncontrolling common units of the
Operating Partnership			10				60				(24	)			(132	)
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION			3,482				2,016				8,315				10,701
PREFERRED DISTRIBUTIONS AND DIVIDENDS:
Distributions on noncontrolling cumulative redeemable preferred
units of the Operating Partnership			(1,397	)			(1,397	)			(2,794	)			(2,794	)
Preferred dividends			(2,402	)			(2,402	)			(4,804	)			(4,804	)
Total preferred distributions and dividends			(3,799	)			(3,799	)			(7,598	)			(7,598	)
NET (LOSS) INCOME AVAILABLE TO COMMON STOCKHOLDERS		$	(317	)		$	(1,783	)		$	717			$	3,103
Weighted average common shares outstanding — basic			57,686				50,297				55,009				46,674
Weighted average common shares outstanding — diluted			57,686				50,297				55,385				46,678
Net (loss) income available to common stockholders per share — basic		$	(0.01	)		$	(0.04	)		$	0.00			$	0.05
Net (loss) income available to common stockholders per share — diluted		$	(0.01	)		$	(0.04	)		$	0.00			$	0.05

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

		Three Months				Three Months				Six Months				Six Months
		Ended				Ended				Ended				Ended
		June 30, 2011				June 30, 2010				June 30, 2011				June 30, 2010
Net (loss) income available to common stockholders		$	(317	)		$	(1,783	)		$	717			$	3,103
Adjustments:
Net (loss) income attributable to noncontrolling common units of the Operating Partnership			(10	)			(60	)			24				132
Depreciation and amortization of real estate assets			31,970				23,501				61,029				44,229
Funds From Operations (1)		$	31,643			$	21,658			$	61,770			$	47,464
Weighted average common shares/units outstanding — basic			60,337				52,884				57,634				49,240
Weighted average common shares/units outstanding — diluted			60,817				52,889				58,010				49,243
Funds From Operations per common share/unit — basic (2)		$	0.52			$	0.41			$	1.07			$	0.96
Funds From Operations per common share/unit — diluted (2)		$	0.52			$	0.41			$	1.06			$	0.96