KRC Iron Condor Strategy
KRC (Kilroy Realty Corporation), in the Real Estate sector, (REIT - Office industry), listed on NYSE.
Kilroy Realty Corporation (NYSE: KRC, the company, KRC) is a leading West Coast landlord and developer, with a major presence in San Diego, Greater Los Angeles, the San Francisco Bay Area, and the Pacific Northwest. The company has earned global recognition for sustainability, building operations, innovation and design. As pioneers and innovators in the creation of a more sustainable real estate industry, the company's approach to modern business environments helps drive creativity, productivity and employee retention for some of the world's leading technology, entertainment, life science and business services companies. KRC is a publicly traded real estate investment trust (REIT) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring and managing office and mixed-use projects. As of September 30, 2020, KRC's stabilized portfolio totaled approximately 14.3 million square feet of primarily office and life science space that was 92.2% occupied and 95.5% leased. The company also had 808 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 85.0% and 37.5%, respectively.
KRC (Kilroy Realty Corporation) trades in the Real Estate sector, specifically REIT - Office, with a market capitalization of approximately $4.00B, a trailing P/E of 18.60, a beta of 1.16 versus the broader market, a 52-week range of 27.36-45.03, average daily share volume of 2.2M, a public-listing history dating back to 1997, approximately 229 full-time employees. These structural characteristics shape how KRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.16 places KRC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. KRC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on KRC?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current KRC snapshot
As of May 15, 2026, spot at $34.38, ATM IV 36.50%, IV rank 6.31%, expected move 10.46%. The iron condor on KRC below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on KRC specifically: KRC IV at 36.50% is on the cheap side of its 1-year range, which means a premium-selling KRC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.46% (roughly $3.60 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on KRC should anchor to the underlying notional of $34.38 per share and to the trader's directional view on KRC stock.
KRC iron condor setup
The KRC iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KRC near $34.38, the first option leg uses a $36.10 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KRC chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 KRC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $36.10 | N/A |
| Buy 1 | Call | $37.82 | N/A |
| Sell 1 | Put | $32.66 | N/A |
| Buy 1 | Put | $30.94 | N/A |
KRC iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
KRC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on KRC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on KRC
Iron condors on KRC are a delta-neutral premium-collection structure that profits if KRC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
KRC thesis for this iron condor
The market-implied 1-standard-deviation range for KRC extends from approximately $30.78 on the downside to $37.98 on the upside. A KRC iron condor is a delta-neutral premium-collection structure that pays off when KRC stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current KRC IV rank near 6.31% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on KRC at 36.50%. As a Real Estate name, KRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KRC-specific events.
KRC iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. KRC positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KRC alongside the broader basket even when KRC-specific fundamentals are unchanged. Short-premium structures like a iron condor on KRC carry tail risk when realized volatility exceeds the implied move; review historical KRC earnings reactions and macro stress periods before sizing. Always rebuild the position from current KRC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on KRC?
- A iron condor on KRC is the iron condor strategy applied to KRC (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With KRC stock trading near $34.38, the strikes shown on this page are snapped to the nearest listed KRC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KRC iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the KRC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 36.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KRC iron condor?
- The breakeven for the KRC iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current KRC market-implied 1-standard-deviation expected move is approximately 10.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on KRC?
- Iron condors on KRC are a delta-neutral premium-collection structure that profits if KRC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current KRC implied volatility affect this iron condor?
- KRC ATM IV is at 36.50% with IV rank near 6.31%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.