HIGHOutside partyCustomer
53.7%
top-20 tenants
“10-K Item 1A: 'our 20 largest tenants represented approximately 53.7% of total annualized base rental revenues'”
KRC · Concentration risk · 10-K extracted
Kilroy Realty (KRC) concentration risks
Updated
The most significant concentration Kilroy Realty discloses is top-20 tenants at 53.7%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Kilroy Realty’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH3
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inCustomer
51%
technology industry tenants
“10-K Item 1A: '51% of our tenants operated in the technology industry'”
HIGHBuilt-inGeographic
California
“10-K Item 1A: 'all of our properties are concentrated in California, the Seattle, Washington Metropolitan Area, and the Austin, Texas Metropolitan Area'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile stacks three high-share exposures that reinforce one another. The 20 largest tenants represented approximately 53.7% of total annualized base rental revenues, a high-share customer concentration with a dependency character — rental income is meaningfully levered to a small set of tenant relationships whose renewal decisions, space utilization, and financial health directly affect cash flows. Layered on top of that tenant concentration is a sector tilt: 51% of tenants operated in the technology industry, a high-share structural concentration that ties the portfolio's occupancy and rent trends to a single industry's demand for office and life-science space. The geographic dimension adds a third axis: all properties are concentrated in California, the Seattle metropolitan area, and the Austin metropolitan area, a high-share structural exposure with no disclosed percentage but confirmed as the full property footprint. This means the portfolio has limited ability to diversify away regional economic or regulatory headwinds. Together these three concentrations are mutually compounding. Technology-sector weakness, California regulatory or tax pressure, or lease rollover risk among the top-20 tenants would each affect the same pool of assets simultaneously. There are no offsetting disclosures from other geographies or tenant industries to cushion the effect. The dominant variables to monitor are technology-sector leasing demand and the renewal calendars of the largest disclosed tenant relationships.
For the engine’s reasoning on KRC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Office
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| KRC● | Kilroy Realty Corporation | 3 | 0 | 0 | 3 |
| CDP | COPT Defense Properties | 2 | 2 | 1 | 5 |
| ARE | Alexandria Real Estate Equities | 2 | 0 | 0 | 2 |
| BXP | BXP, Inc. | 2 | 0 | 0 | 2 |
| CUZ | Cousins Properties Incorporated | 1 | 3 | 1 | 5 |
| DEI | Douglas Emmett, Inc. | 1 | 0 | 1 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.