KRC vs BXP Stock Comparison: AI Score, Valuation, Performance and Upside
KRC (Kilroy Realty) and BXP are both premier office REITs navigating the post-COVID office demand reset — Kilroy is the West Coast specialist expanding into life science with a technology-market tenant base, while BXP is the largest U.S. office REIT with trophy gateway city properties in Boston, New York, San Francisco, Washington DC, and Los Angeles — both facing unprecedented office vacancy challenges especially in San Francisco.
KRC vs BXP is West Coast technology and life science office REIT with creative market positioning (Kilroy's San Diego biotech, LA media, Seattle tech exposure with sustainability leadership and life science pivot — managing West Coast tech employment cyclicality) versus the largest U.S. office REIT with trophy gateway city assets (BXP's iconic Class A buildings in Boston, New York, and San Francisco serving Fortune 500 and financial sector tenants — flight-to-quality beneficiary with San Francisco exposure as primary risk).
BXP holds the edge across 4 of 5 key metrics in this comparison. KRC has delivered stronger 1-year price return (-14.08% vs -17.47%), though BXP has the better forward P/E setup (28.31x vs 68.36x for KRC). BXP leads on both revenue growth (3.70%) and operating margin (28.75%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for BXP (+28.62%) than for KRC (+9.57%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want West Coast premium office exposure with a growing life science component that is more defensive than pure-play technology office
- Value Kilroy's sustainability leadership (LEED, carbon neutrality) as increasingly important for ESG-focused corporate tenants in lease decisions
- Believe the West Coast technology market will recover and that KRC's San Diego life science exposure provides meaningful portfolio diversification
- Want the largest, most liquid U.S. office REIT with trophy Class A assets in gateway cities that should be flight-to-quality beneficiaries as companies consolidate into fewer, better offices
- Believe Boston and New York office markets (BXP's strongest markets) will recover faster than West Coast tech markets, providing earnings stability
- See BXP's scale, development expertise, and trophy asset portfolio as providing superior competitive positioning in a structurally challenging office environment
| Metric | KRC | BXP |
|---|---|---|
| AI scorei | 24.6 | 26.3 |
| AI ranki | #2968 | #2488 |
| Latest closei | $34.83 | $59.20 |
| 1M returni | +1.19% | -7.56% |
| 3M returni | -13.47% | -15.25% |
| 6M returni | +10.75% | +1.98% |
| 1Y returni | -14.08% | -17.47% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | KRC | BXP |
|---|---|---|
| 1Y ago | $8.61K (-13.9%) started 2025-10-16 | $8.41K (-15.9%) started 2025-10-16 |
| 5Y ago | $5.07K (-49.3%) started 2021-10-18 | $7.64K (-23.6%) started 2021-10-18 |
| 10Y ago | $4.93K (-50.7%) started 2016-10-17 | $10.1K (+1.0%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | KRC | BXP |
|---|---|---|
| Market capi | $4.29B | $10.68B |
| Trailing P/Ei | 25.57 | 31.75 |
| Forward P/Ei | 68.36 | 28.31 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 8.08 | 8.73 |
| Analyst targeti | $40.07 | $75.95 |
| Target upsidei | +9.57% | +28.62% |
| Metric | KRC | BXP |
|---|---|---|
| Revenue growthi | -6.00% | 3.70% |
| Earnings growthi | -70.20% | -23.20% |
| EPS growthi | -70.20% | -23.20% |
| FCF margini | +65.61% | +27.60% |
| Operating margini | 23.99% | 28.75% |
| Profit margini | 15.47% | 9.30% |
| ROIC proxyi | 3.43% | 5.31% |
| Return on equityi | 3.43% | 5.31% |
| Dividend yieldi | 5.96% | 4.74% |
| Payout ratioi | 151.05% | 150.54% |
| Dividend growth streaki | N/A | No increase yet |
| Betai | 1.15 | 1.05 |
| Debt/equityi | 85.62 | 211.63 |
| Current ratioi | 1.10 | 0.51 |
| Quick ratioi | 1.03 | 0.45 |
Over the past year, KRC and BXP have moved strongly in the same direction (correlation of 0.74), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | KRC | BXP |
|---|---|---|---|
| 1Y | Growthi | -13.89% | -15.90% |
| CAGRi | -13.91% | -15.92% | |
| Volatilityi | 28.18% | 27.44% | |
| Sharpe ratioi | -0.55 | -0.66 | |
| Sortino ratioi | -0.75 | -0.87 | |
| Max drawdowni | 36.25% | 31.54% | |
| Current drawdowni | 19.89% | 20.57% | |
| Avg drawdowni | 17.08% | 13.91% | |
| Ulcer Indexi | 19.59% | 16.13% | |
| Max daily dropi | 6.87% | 6.54% | |
| Max wkly dropi | 11.66% | 9.32% | |
| 5Y | Growthi | -49.29% | -38.00% |
| CAGRi | -12.72% | -9.13% | |
| Volatilityi | 34.14% | 33.16% | |
| Sharpe ratioi | -0.36 | -0.26 | |
| Sortino ratioi | -0.51 | -0.36 | |
| Max drawdowni | 66.97% | 62.57% | |
| Current drawdowni | 55.85% | 46.25% | |
| Avg drawdowni | 47.33% | 37.49% | |
| Ulcer Indexi | 50.27% | 40.16% | |
| Max daily dropi | 8.88% | 7.70% | |
| Max wkly dropi | 17.39% | 15.64% | |
| 10Y | Growthi | -50.72% | -33.39% |
| CAGRi | -6.83% | -3.98% | |
| Volatilityi | 31.66% | 32.31% | |
| Sharpe ratioi | -0.21 | -0.10 | |
| Sortino ratioi | -0.29 | -0.15 | |
| Max drawdowni | 70.48% | 63.59% | |
| Current drawdowni | 60.55% | 47.72% | |
| Avg drawdowni | 33.53% | 27.00% | |
| Ulcer Indexi | 41.13% | 32.51% | |
| Max daily dropi | 18.50% | 17.20% | |
| Max wkly dropi | 25.74% | 29.95% |
| Category | KRC | BXP |
|---|---|---|
| Company | Kilroy Realty Corporation | BXP, Inc. (formerly Boston Properties) |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Office | REIT - Office |
| Core business | Kilroy Realty Corporation is a West Coast-focused office REIT that owns, develops, and acquires premier office and life science properties in San Francisco, Los Angeles, San Diego, and Seattle. Kilroy's portfolio consists of approximately 17 million square feet of stabilized office and life science space. Kilroy has been a leader in sustainable real estate (LEED certification, carbon neutrality commitments) and has aggressively expanded into life science (wet lab, research) facilities, particularly in San Diego's Torrey Pines and San Francisco's Mission Bay submarkets. Kilroy's tenant base includes major technology companies (cloud, software, social media) and biotech/pharma tenants. | BXP Inc. (formerly Boston Properties) is the largest publicly traded office REIT in the United States by total market capitalization, owning and developing approximately 54 million square feet of premier office properties in Boston, New York City, San Francisco, Washington DC, and Los Angeles. BXP focuses on Class A trophy properties — the highest-quality, best-located office buildings in each market — serving Fortune 500 companies, major financial institutions, law firms, and government agencies as anchor tenants. BXP's portfolio includes iconic properties like the General Motors Building in New York, 601 Massachusetts Avenue in Washington DC, and Salesforce Tower in San Francisco. BXP renamed itself from Boston Properties to BXP in 2023 to reflect its multi-market identity. |
| Investor focus | Investors track Kilroy's same-store NOI growth, occupancy rates, life science vs. office tenant mix evolution, development pipeline lease-up progress, and West Coast technology sector employment trends. | Investors track BXP's leasing activity (square footage leased, starting rent, lease term), occupancy rates in each market, development pipeline lease-up, and management's commentary on demand trends from large enterprise tenants. |
- Life science real estate expansion provides diversification from pure-play technology office exposure — San Diego Torrey Pines and San Francisco Mission Bay life science clusters anchor long-term biotech/pharma tenant demand that is more resistant to remote work trends than traditional office
- Premier West Coast submarkets (SOMA San Francisco, Westside LA, UTC San Diego) command above-average rents from technology and media tenants willing to pay for location quality
- Sustainability leadership (LEED certification, carbon neutrality) is increasingly important to ESG-focused corporate tenants who use sustainability ratings as criteria in office selection
- Trophy Class A assets in gateway cities command premium rents and retain tenants better than commodity office — in a flight-to-quality environment (post-COVID, companies are consolidating into fewer, better offices), BXP's best-in-class buildings are the beneficiaries
- Boston and New York are the strongest U.S. office markets — both cities have significant life science and financial services demand that partially offsets technology sector softness; Boston's Kendall Square biotech cluster provides BXP a natural life science tenant base
- Scale provides development and capital market advantages — BXP's balance sheet and development expertise (having developed iconic buildings for decades) provides competitive advantages in winning development opportunities
- West Coast technology sector slowdown directly impacts Kilroy's tenant demand — San Francisco and Seattle office markets are heavily exposed to technology sector employment cycles; tech layoffs (2022-2023) and remote/hybrid work adoption reduced office utilization and lease renewal activity
- San Francisco office market vacancy rates have reached unprecedented levels (25%+) — San Francisco's office market is the most challenged major U.S. office market; Kilroy's Mission Bay and SOMA San Francisco properties face meaningful uncertainty at lease expiration
- Development projects begun during pre-COVID demand environment may require longer lease-up periods — Kilroy's development pipeline was designed for a pre-COVID leasing environment; post-COVID lease-up timelines are longer than historical norms
- San Francisco exposure is the most significant risk — BXP owns significant San Francisco office space (including Salesforce Tower); the San Francisco office market has the highest vacancy rates in the U.S. and the most uncertain demand recovery timeline
- Office real estate faces structural demand headwinds from hybrid work — even BXP's trophy Class A assets aren't immune to the reduction in average space per worker that hybrid work creates; long-term space demand per tenant may be structurally lower
- High interest rate environment compresses REIT valuations and increases refinancing costs — office REITs are heavily leveraged; rising interest rates have increased BXP's debt service costs and compressed the valuation multiples investors apply to its earnings
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