Kilroy Realty Corporation (NYSE:KRC) today announced that
the underwriters of its recent public offering of 8,750,000 shares of
common stock exercised in full their option to purchase from the company
an additional 1,312,500 shares of common stock to cover overallotments.
Combined with the initial shares of common stock, the company will sell
a total of 10,062,500 shares for aggregate net proceeds of approximately
$191.7 million. The issuance and sale of all 10,062,500 shares is
expected to close on Wednesday, June 3, 2009, subject to satisfaction of
closing conditions. Merrill Lynch & Co. and J.P.Morgan acted as the
joint book-running managers.
This offering is being made pursuant to an effective shelf registration
statement and prospectus filed by Kilroy Realty Corporation with the
Securities and Exchange Commission. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities nor will there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction.
When available, copies of the prospectus supplement and related
prospectus for this offering may be obtained by contacting Merrill Lynch
& Co., 4 World Financial Center, New York, NY 10080, Attention:
Prospectus Department, telephone: (212) 449-1000, or J.P.Morgan, 4 Chase
Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus
Library, telephone: (718) 242-8002.
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, including statements related to the offering. 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 Securities and
Exchange Commission 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 and San Diego counties. At
March 31, 2009, the company owned 8.6 million rentable square feet of
commercial office space and 3.7 million rentable square feet of
industrial space.
