Kilroy Realty Corporation is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company's approach to modern business environments …
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Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.89), demonstrating rent pricing power.
Stable NOI PerformanceNOI stability is excellent (score 1.00), suggesting reliable rent streams.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Kilroy Realty Corporation ranks #4 of 27
scored companies in REIT - Office by moat score — the top 15%.
The widest moat in the group is Easterly Government Properties, (DEA)
at 78/100.
Moat scores for companies ranked near KRC in REIT - Office
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 51
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 80
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 45
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 82
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 70
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Kilroy Realty Corporation (KRC) scores 71 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #4 of 27 scored companies in REIT - Office, the top 15%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is Rent Pricing Power (94/100) and its weakest is Capital Recycling & Growth (45/100).
How does Kilroy Realty Corporation compare with other REIT - Office companies?
Kilroy Realty Corporation ranks #4 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are Cousins Properties Incorporated (CUZ) at 72 just above it and Highwoods Properties, Inc. (HIW) at 68 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.
Why is Kilroy Realty Corporation scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Kilroy Realty Corporation?
The REIT Specialized template measures 6 defenses, and KRC scores: Rent Pricing Power (94), AFFO Strength (51), Balance Sheet & Cost of Capital (80), Capital Recycling & Growth (45), Operational Efficiency (82), Portfolio Quality & Diversification (70). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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