EXHIBIT 5.1
[LETTERHEAD OF BALLARD SPAHR ANDREWS & INGERSOLL, LLP]
November 21, 2003
Kilroy Realty Corporation
Suite 200
12200 West Olympic Boulevard
Los Angeles, California 90064
| Re: | Kilroy Realty Corporation, a Maryland corporation (the “Company”) – issuance and sale of One Million Six Hundred Ten Thousand (1,610,000) shares (the “Shares”) of 7.80% Series E Cumulative Redeemable Preferred Stock, par value one cent ($0.01) per share, of the Company pursuant to a Registration Statement on Form S-3, as amended and supplemented (Registration No. 333-45097) (the “Registration Statement”) |
Ladies and Gentlemen:
We have acted as special Maryland corporate counsel to the Company in connection with the registration of the Shares under the Securities Act of 1933, as amended (the “Act”), under the Registration Statement, which was filed with the Securities and Exchange Commission (the “Commission”) on January 28, 1998 and amended on February 11, 1998. You have requested our opinion with respect to the matters set forth below.
In our capacity as special Maryland corporate counsel to the Company and for the purposes of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the “Documents”):
| (i) | the corporate charter of the Company (the “Charter”) represented by Articles of Amendment and Restatement filed with the State Department of Assessments and Taxation of Maryland (the “Department”) on January 21, 1997, Articles Supplementary filed with the Department on February 6, 1998, Articles Supplementary filed with the Department on April 20, 1998, Articles Supplementary filed with the Department on October 15, 1998, Articles Supplementary filed with the Department on November 25, 1998, Certificate of Correction filed with the Department on March 4, 1999, Articles Supplementary filed with the Department on December 10, |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
Kilroy Realty Corporation
November 21, 2003
Page 2
| 1999, Articles Supplementary filed with the Department on December 30, 1999 and Articles Supplementary filed with the Department on October 23, 2003 (the “Series E Articles Supplementary”); |
| (ii) | the Amended and Restated Bylaws of the Company, adopted as of January 26, 1997 (the “Bylaws”); |
| (iii) | the Written Organizational Action of the Board of Directors of the Company, dated as of September 13, 1996 (the “Organizational Minutes”); |
| (iv) | resolutions adopted by the Board of Directors of the Company, or a committee thereof, on December 16, 1997, September 26, 2003 and October 15, 2003 (collectively, the “Directors’ Resolutions”); |
| (v) | the Registration Statement and the related form of prospectus included therein, in substantially the form filed or to be filed with the Commission pursuant to the Act; |
| (vi) | a status certificate of the Department, dated as of November 18, 2003, to the effect that the Company is duly incorporated and existing under the laws of the State of Maryland; |
| (vii) | a certificate of Richard E. Moran Jr., the Executive Vice President, Chief Financial Officer and Secretary of the Company, and Tyler H. Rose, the Senior Vice President and Treasurer of the Company, dated as of the date hereof (the “Officers’ Certificate”), to the effect that, among other things, the Charter, the Bylaws, the Organizational Minutes and the Directors’ Resolutions are true, correct and complete, have not been rescinded or modified and are in full force and effect on the date of the Officers’ Certificate; and |
| (viii) | such other documents and matters as we have deemed necessary and appropriate to render the opinions set forth in this letter, subject to the limitations, assumptions, and qualifications noted below. |
In reaching the opinions set forth below, we have assumed the following:
| (a) | each person executing any of the Documents on behalf of any party (other than the Company) is duly authorized to do so; |
| (b) | each natural person executing any of the Documents is legally competent to do so; |
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
Kilroy Realty Corporation
November 21, 2003
Page 3
| (c) | any of the Documents submitted to us as originals are authentic; the form and content of any Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such documents as executed and delivered; any of the Documents submitted to us as certified, facsimile or photostatic copies conform to the original document; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission of the parties or otherwise; and |
| (d) | none of the Shares will be issued or transferred in violation of the provisions of Section 7 of Article THIRD of the Series E Articles Supplementary relating to restrictions on ownership and transfer of stock. |
Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:
| (1) | The Company is a corporation duly incorporated and validly existing as a corporation in good standing under the laws of the State of Maryland. |
| (2) | The issuance of the Shares has been duly authorized by all necessary corporate action on the part of the Company and when such Shares are issued and delivered by the Company in exchange for the consideration therefor as provided in the Directors’ Resolutions, such Shares will be validly issued, fully paid and non-assessable. |
The foregoing opinion is limited to the laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.
This opinion letter is issued as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after the date hereof.
BALLARD SPAHR ANDREWS & INGERSOLL, LLP
Kilroy Realty Corporation
November 21, 2003
Page 4
We consent to the incorporation by reference of this opinion in the Registration Statement and further consent to the filing of this opinion as an exhibit to the applications to securities commissioners for the various states of the United States for registration of the Shares. We also consent to the identification of our firm as Maryland counsel to the Company in the section of the Registration Statement entitled “Legal Matters.” In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Act.
Very truly yours,
/s/ Ballard Spahr Andrews & Ingersoll, LLP |