Sector Alpha Week of 2026-07-28
20-quarter listed-company comparison

REIT - Office Stocks

REIT - Office: BXP, Inc. owns the largest revenue base; Postal Realty Trust, Inc. has the fastest current growth.

The industry itself · before any single company

How has REIT - Office moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 35% behind S&P 500. Earnings across its companies fell 15% on average over the last four reported quarters. It has been ahead of S&P 500 on a rolling three-month view for 11 weeks running.

FADING · −1 in 4w~Price down, no fundamental support12 of 15 companies ahead of S&P 500 by 5% or more over three months

RS ↑11w · 13/15 >200d (+0) · 12/15 lead (−1) · EPS 7/15↑

100200202620252024202320222021 130348 TRAILING 12-MONTH EPS · 100 AT THE START0100118Mar 22Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 12 reportingJun 2022 · trailing 12-month earnings per share at 98, against 100 at the start · no comparable year yet · 12 reportingSep 2022 · trailing 12-month earnings per share at 101, against 100 at the start · no comparable year yet · 12 reportingDec 2022 · trailing 12-month earnings per share at 118, against 100 at the start · no comparable year yet · 12 reportingMar 2023 · trailing 12-month earnings per share at 112, against 100 at the start · up 15.9% on a year ago · 12 reportingJun 2023 · trailing 12-month earnings per share at 90, against 100 at the start · up 0.4% on a year ago · 12 reportingSep 2023 · trailing 12-month earnings per share at 40, against 100 at the start · down 57.8% on a year ago · 12 reportingDec 2023 · trailing 12-month earnings per share at 32, against 100 at the start · down 64.0% on a year ago · 12 reportingMar 2024 · trailing 12-month earnings per share at 31, against 100 at the start · down 64.9% on a year ago · 12 reportingJun 2024 · trailing 12-month earnings per share at 25, against 100 at the start · down 67.7% on a year ago · 12 reportingSep 2024 · trailing 12-month earnings per share at 48, against 100 at the start · down 29.1% on a year ago · 12 reportingDec 2024 · trailing 12-month earnings per share at 31, against 100 at the start · down 9.0% on a year ago · 12 reportingMar 2025 · trailing 12-month earnings per share at 52, against 100 at the start · down 3.4% on a year ago · 12 reportingJun 2025 · trailing 12-month earnings per share at 44, against 100 at the start · down 8.5% on a year ago · 12 reportingSep 2025 · trailing 12-month earnings per share at 31, against 100 at the start · down 13.4% on a year ago · 12 reportingDec 2025 · trailing 12-month earnings per share at 41, against 100 at the start · up 0.4% on a year ago · 12 reportingMar 2026 · trailing 12-month earnings per share at 28, against 100 at the start · down 37.6% on a year ago · 12 reportingNot reported yet — earnings trail price by a quarter or two28 · Mar 26No earnings on file this far back — the price series reaches further than the filings do
100200202620252024202320222021 130348 TRAILING 12-MONTH EPS · 100 AT THE START0100118Mar 22Mar 23Mar 24Mar 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 12 reportingJun 2022 · trailing 12-month earnings per share at 98, against 100 at the start · no comparable year yet · 12 reportingSep 2022 · trailing 12-month earnings per share at 101, against 100 at the start · no comparable year yet · 12 reportingDec 2022 · trailing 12-month earnings per share at 118, against 100 at the start · no comparable year yet · 12 reportingMar 2023 · trailing 12-month earnings per share at 112, against 100 at the start · up 15.9% on a year ago · 12 reportingJun 2023 · trailing 12-month earnings per share at 90, against 100 at the start · up 0.4% on a year ago · 12 reportingSep 2023 · trailing 12-month earnings per share at 40, against 100 at the start · down 57.8% on a year ago · 12 reportingDec 2023 · trailing 12-month earnings per share at 32, against 100 at the start · down 64.0% on a year ago · 12 reportingMar 2024 · trailing 12-month earnings per share at 31, against 100 at the start · down 64.9% on a year ago · 12 reportingJun 2024 · trailing 12-month earnings per share at 25, against 100 at the start · down 67.7% on a year ago · 12 reportingSep 2024 · trailing 12-month earnings per share at 48, against 100 at the start · down 29.1% on a year ago · 12 reportingDec 2024 · trailing 12-month earnings per share at 31, against 100 at the start · down 9.0% on a year ago · 12 reportingMar 2025 · trailing 12-month earnings per share at 52, against 100 at the start · down 3.4% on a year ago · 12 reportingJun 2025 · trailing 12-month earnings per share at 44, against 100 at the start · down 8.5% on a year ago · 12 reportingSep 2025 · trailing 12-month earnings per share at 31, against 100 at the start · down 13.4% on a year ago · 12 reportingDec 2025 · trailing 12-month earnings per share at 41, against 100 at the start · up 0.4% on a year ago · 12 reportingMar 2026 · trailing 12-month earnings per share at 28, against 100 at the start · down 37.6% on a year ago · 12 reportingNot reported yet — earnings trail price by a quarter or two28No earnings on file this far back — the price series reaches further than the filings do
REIT - Office, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broad but lateHow much of the industry is participating, how recently, and whether the movers score well.
Together12 of 15 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +1 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large 3/30
Mid 6/60
Small 3/6−1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 15 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is REIT - Office outperforming S&P 500?

REIT - Office has underperformed S&P 500 by 14.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.8%. 9 of 17 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Postal Realty Trust, Inc. is the strongest against the sector itself at +15.1%.

+12.8%Sector vs S&P 500 · 13 weeks
-14.5%Sector vs S&P 500 · 52 weeks
9/17Stocks leading S&P 500
9/17Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

REIT - Office has underperformed S&P 500 by 14.5% over 52 weeks and 12.8% over 13 weeks. 9 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself. BXP, Inc. leads with income of $3,489 million, based on 15 of 17 comparable companies through Mar 2026.

Is the REIT - Office sector outperforming S&P 500?

REIT - Office has underperformed S&P 500 by 14.5% over 52 weeks and 12.8% over 13 weeks. 9 of 17 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 17 beat the sector itself.

Which REIT - Office company is largest by income?

BXP, Inc. leads with income of $3,489 million, based on 15 of 17 comparable companies through Mar 2026.

Which REIT - Office company is growing fastest?

Postal Realty Trust, Inc. has the fastest current income growth at 23.5%, across 15 of 17 comparable companies.

Which REIT - Office company has the strongest 4-Factor Sector Score?

Vornado Realty Trust ranks first at 63.1/100 with 64% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which REIT - Office company has the lowest comparable P/BV-to-ROE?

Empire State Realty OP, L.P. has the lowest comparable P/BV ÷ ROE at 0.11, among 9 of 17 companies that pass the metric’s comparability rules.

How much history does this REIT - Office comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
17
complete canonical membership
Combined market value
$61.1B
BXP, Inc.
Revenue growing
8/15
positive TTM year-on-year growth
Beating S&P 500
9/17
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Vornado Realty Trust has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 64% evidence confidence.
Highwoods Properties, Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded.

1. Vornado Realty Trust · VNO

63.1/100 · Mixed-positive evidence · 64% evidence

Exact sum: 21.6 + 15.2 + 9.8 + 16.5 = 63.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.6/35Growth & earnings

Income -0.3% · PAT 100%

71% evidence

15.2/25Capital efficiency

ROA 4.7% · ROE -0.3% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.81× · P/BV÷ROE —

10% evidence

16.5/20Relative strength

RS sector 7.7% · RS bench 7.9% · 1Y 6.4%

100% evidence

2. Postal Realty Trust, Inc. · PSTL

62.8/100 · Mixed-positive evidence · 70% evidence

Exact sum: 26.7 + 14.8 + 4.3 + 17 = 62.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

26.7/35Growth & earnings

Income 23.5% · PAT 90.9%

71% evidence

14.8/25Capital efficiency

ROA 1.3% · ROE 1.4% · GNPA —

68% evidence

4.3/20Valuation

P/BV 1.76× · P/BV÷ROE 1.25

70% evidence

17.0/20Relative strength

RS sector 15.1% · RS bench 18.3% · 1Y 72.8%

70% evidence

3. COPT Defense Properties · CDP

55.4/100 · Mixed-positive evidence · 76% evidence

Exact sum: 19.1 + 15.9 + 5.4 + 15 = 55.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.1/35Growth & earnings

Income 4% · PAT 12.4%

71% evidence

15.9/25Capital efficiency

ROA 1.3% · ROE 2.5% · GNPA —

68% evidence

5.4/20Valuation

P/BV 2.29× · P/BV÷ROE 0.92

70% evidence

15.0/20Relative strength

RS sector 12% · RS bench 14.2% · 1Y 40.2%

100% evidence

4. Highwoods Properties, Inc. · HIW

49.7/100 · Mixed-negative evidence · 76% evidence

Exact sum: 11.1 + 12.8 + 6.6 + 19.2 = 49.7

Decision use: Price leads the evidence: RS versus the benchmark is 14.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

11.1/35Growth & earnings

Income 0.6% · PAT -43.5%

71% evidence

12.8/25Capital efficiency

ROA 0.8% · ROE 1.3% · GNPA —

68% evidence

6.6/20Valuation

P/BV 1× · P/BV÷ROE 0.77

70% evidence

19.2/20Relative strength

RS sector 13.8% · RS bench 14.2% · 1Y 17.5%

100% evidence

5. BXP, Inc. · BXP

48.3/100 · Mixed-negative evidence · 76% evidence

Exact sum: 21.2 + 13.4 + 5 + 8.7 = 48.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.2/35Growth & earnings

Income 1.6% · PAT 100%

71% evidence

13.4/25Capital efficiency

ROA 0.9% · ROE 1.7% · GNPA —

68% evidence

5.0/20Valuation

P/BV 1.6× · P/BV÷ROE 0.94

70% evidence

8.7/20Relative strength

RS sector -1.4% · RS bench -0.9% · 1Y 8.3%

100% evidence

6. Cousins Properties Incorporated · CUZ

46.2/100 · Mixed-negative evidence · 64% evidence

Exact sum: 12.6 + 7.5 + 9.8 + 16.3 = 46.2

Decision use: Price leads the evidence: RS versus the benchmark is 11.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.6/35Growth & earnings

Income 12.2% · PAT -107.4%

71% evidence

7.5/25Capital efficiency

ROA 0.3% · ROE -0.5% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.82× · P/BV÷ROE —

10% evidence

16.3/20Relative strength

RS sector 10.4% · RS bench 11.4% · 1Y 19.5%

100% evidence

7. Easterly Government Properties, Inc. · DEA

44.6/100 · Mixed-negative evidence · 70% evidence

Exact sum: 18 + 11.3 + 4.4 + 10.9 = 44.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.0/35Growth & earnings

Income 13.3% · PAT -42.1%

71% evidence

11.3/25Capital efficiency

ROA 0.6% · ROE 0.1% · GNPA —

68% evidence

4.4/20Valuation

P/BV 0.76× · P/BV÷ROE 7.6

70% evidence

10.9/20Relative strength

RS sector 0.7% · RS bench 2.4% · 1Y 15.6%

70% evidence

8. Empire State Realty OP, L.P. · ESBA

44.3/100 · Mixed-negative evidence · 70% evidence

Exact sum: 14.3 + 17.8 + 8.6 + 3.6 = 44.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.3/35Growth & earnings

Income 1.3% · PAT -32.5%

71% evidence

17.8/25Capital efficiency

ROA 2.1% · ROE 7.1% · GNPA —

68% evidence

8.6/20Valuation

P/BV 0.77× · P/BV÷ROE 0.11

70% evidence

3.6/20Relative strength

RS sector -16.8% · RS bench -16.7% · 1Y -19.1%

70% evidence

9. Kilroy Realty Corporation · KRC

40.1/100 · Mixed-negative evidence · 64% evidence

Exact sum: 15.4 + 10.6 + 9.8 + 4.3 = 40.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.4/35Growth & earnings

Income -1.4% · PAT 19.8%

71% evidence

10.6/25Capital efficiency

ROA 0.6% · ROE -0.3% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.62× · P/BV÷ROE —

10% evidence

4.3/20Relative strength

RS sector -3.5% · RS bench -3.1% · 1Y 5.8%

100% evidence

10. SL Green Realty Corp. · SLG

39.0/100 · Mixed-negative evidence · 60% evidence

Exact sum: 14.2 + 7.7 + 3.4 + 13.7 = 39

Decision use: Price leads the evidence: RS versus the benchmark is 2.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

14.2/35Growth & earnings

Income — · PAT —

26% evidence

7.7/25Capital efficiency

ROA 0.3% · ROE 0.1% · GNPA —

68% evidence

3.4/20Valuation

P/BV 1.08× · P/BV÷ROE 10.77

70% evidence

13.7/20Relative strength

RS sector 2.7% · RS bench 2.7% · 1Y -4.9%

100% evidence

11. Net Lease Office Properties · NLOP

36.8/100 · Mixed-negative evidence · 61% evidence

Exact sum: 14 + 11.5 + 8.3 + 3 = 36.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.0/35Growth & earnings

Income -22.1% · PAT —

45% evidence

11.5/25Capital efficiency

ROA 0.6% · ROE 6.6% · GNPA —

68% evidence

8.3/20Valuation

P/BV 1× · P/BV÷ROE 0.15

70% evidence

3.0/20Relative strength

RS sector -44% · RS bench -45.1% · 1Y -63.4%

70% evidence

12. Alexandria Real Estate Equities, Inc. · ARE

36.4/100 · Mixed-negative evidence · 76% evidence

Exact sum: 11.4 + 9.2 + 8.6 + 7.2 = 36.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.4/35Growth & earnings

Income -5.4% · PAT -358.9%

71% evidence

9.2/25Capital efficiency

ROA 0.3% · ROE 1.9% · GNPA —

68% evidence

8.6/20Valuation

P/BV 0.5× · P/BV÷ROE 0.27

70% evidence

7.2/20Relative strength

RS sector -12.4% · RS bench -13% · 1Y -29%

100% evidence

13. Douglas Emmett, Inc. · DEI

32.9/100 · Adverse evidence · 64% evidence

Exact sum: 12 + 7.5 + 9.8 + 3.6 = 32.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.0/35Growth & earnings

Income 0.9% · PAT -250%

71% evidence

7.5/25Capital efficiency

ROA 0.5% · ROE -0.4% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.84× · P/BV÷ROE —

10% evidence

3.6/20Relative strength

RS sector -8% · RS bench -8.1% · 1Y -19.5%

100% evidence

14. Piedmont Realty Trust, Inc. · PDM

46.8/100 · Thin evidence · provisional · 49% evidence

Exact sum: 15.8 + 6.8 + 9.8 + 14.4 = 46.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.8/35Growth & earnings

Income -0.5% · PAT —

45% evidence

6.8/25Capital efficiency

ROA 0.5% · ROE -0.8% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.55× · P/BV÷ROE —

10% evidence

14.4/20Relative strength

RS sector 6.7% · RS bench 7.9% · 1Y 31.4%

70% evidence

15. Hudson Pacific Properties, Inc. · HPP

44.5/100 · Thin evidence · provisional · 49% evidence

Exact sum: 17.3 + 4.9 + 9.8 + 12.5 = 44.5

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.3/35Growth & earnings

Income -1.3% · PAT —

45% evidence

4.9/25Capital efficiency

ROA -0.2% · ROE -1.7% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.11× · P/BV÷ROE —

10% evidence

12.5/20Relative strength

RS sector 4.4% · RS bench 2% · 1Y -16.4%

70% evidence

16. Brandywine Realty Trust · BDN

43.8/100 · Thin evidence · provisional · 42% evidence

Exact sum: 21.9 + 8 + 9.8 + 4.1 = 43.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.9/35Growth & earnings

Income — · PAT —

26% evidence

8.0/25Capital efficiency

ROA 0.6% · ROE -1.8% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.8× · P/BV÷ROE —

10% evidence

4.1/20Relative strength

RS sector -16% · RS bench -16% · 1Y -21.3%

70% evidence

17. Orion Properties Inc. · ONL

32.7/100 · Thin evidence · provisional · 49% evidence

Exact sum: 12.1 + 4 + 9.8 + 6.8 = 32.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

12.1/35Growth & earnings

Income -6.5% · PAT —

45% evidence

4.0/25Capital efficiency

ROA -0.3% · ROE -2% · GNPA —

68% evidence

9.8/20Valuation

P/BV 0.2× · P/BV÷ROE —

10% evidence

6.8/20Relative strength

RS sector -3.8% · RS bench -2.8% · 1Y 1.9%

70% evidence

01 · compare level, then change

Income Scale & Growth Durability

BXP, Inc. has the highest Income among the 17 REIT - Office companies compared here, at $3,489 million. Alexandria Real Estate Equities, Inc. is next at $2,939 million. Postal Realty Trust, Inc. has the highest Income growth at 23.5%, so level and change sit with different companies. 15 of 17 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: BXP, Inc. is the scale leader at $3,489 million, 18.7% ahead of Alexandria Real Estate Equities, Inc.. Postal Realty Trust, Inc.'s growth is 23.5% from a $100 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBXP, Inc. · $3,489 million
Gap18.7% versus #2 · Alexandria Real Estate Equities, Inc.
Persistence8/8 recent comparable periods
Coverage15/17 companies · 317 observations

Investor read: BXP, Inc. is the scale benchmark; Postal Realty Trust, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: BXP, Inc.'s growth falls below Postal Realty Trust, Inc.'s for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.
Incomelargest
1BXP, Inc. BXP$3.5B
2Alexandria Real Estate Equities, Inc. ARE$2.9B
3Vornado Realty Trust VNO$1.8B
4Kilroy Realty Corporation KRC$1.1B
5Cousins Properties Incorporated CUZ$1.0B
Income growthfastest growers
1Postal Realty Trust, Inc. PSTL24%
2Easterly Government Properties, Inc. DEA13%
3Cousins Properties Incorporated CUZ12%
4COPT Defense Properties CDP4.0%
5BXP, Inc. BXP1.6%
Income · company comparison
15/17 level · 15/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyIncomeIncome growthReported
BXP, Inc. BXP$872M0.8%Mar 2026
Alexandria Real Estate Equities, Inc. ARE$671M-11%Mar 2026
Vornado Realty Trust VNO$459M-0.7%Mar 2026
Kilroy Realty Corporation KRC$270M-0.4%Mar 2026
Cousins Properties Incorporated CUZ$263M5.2%Mar 2026
SL Green Realty Corp. SLG$253M5.4%Jun 2026
Douglas Emmett, Inc. DEI$251M-0.4%Mar 2026
Highwoods Properties, Inc. HIW$214M7.0%Mar 2026
COPT Defense Properties CDP$201M6.9%Mar 2026
Empire State Realty OP, L.P. ESBA$190M5.6%Mar 2026
Hudson Pacific Properties, Inc. HPP$182M-8.1%Mar 2026
Piedmont Realty Trust, Inc. PDM$143M0.0%Mar 2026
Brandywine Realty Trust BDN$127M4.1%Jun 2026
Easterly Government Properties, Inc. DEA$92M16%Mar 2026
Orion Properties Inc. ONL$36M-5.3%Mar 2026
Postal Realty Trust, Inc. PSTL$27M23%Mar 2026
Net Lease Office Properties NLOP$9M-69%Mar 2026
Full 20-quarter history · every available company

Income · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

$548M
$577M
$615M
$644M
$660M
$670M
$701M
$714M
$714M
$757M
$769M
$767M
$792M
$789M
$758M
$762M
$752M
$754M
$671M

BXP, Inc. · BXP

$730M
$731M
$754M
$774M
$791M
$790M
$803M
$817M
$824M
$829M
$839M
$850M
$859M
$859M
$865M
$868M
$872M
$877M
$872M

COPT Defense Properties · CDP

$167M
$186M
$195M
$186M
$183M
$175M
$168M
$169M
$169M
$180M
$193M
$187M
$189M
$183M
$188M
$190M
$189M
$197M
$201M

Cousins Properties Incorporated · CUZ

$189M
$190M
$187M
$186M
$195M
$195M
$203M
$204M
$199M
$197M
$209M
$213M
$209M
$225M
$250M
$240M
$248M
$255M
$263M

Douglas Emmett, Inc. · DEI

$238M
$239M
$239M
$247M
$254M
$254M
$252M
$253M
$255M
$259M
$245M
$246M
$251M
$245M
$252M
$252M
$251M
$249M
$251M

Easterly Government Properties, Inc. · DEA

$70M
$72M
$72M
$73M
$75M
$74M
$71M
$71M
$72M
$73M
$73M
$76M
$75M
$78M
$79M
$84M
$86M
$87M
$92M

Empire State Realty OP, L.P. · ESBA

$165M
$160M
$164M
$198M
$184M
$181M
$165M
$191M
$192M
$193M
$181M
$190M
$200M
$198M
$180M
$191M
$198M
$199M
$190M

Highwoods Properties, Inc. · HIW

$195M
$203M
$206M
$204M
$207M
$212M
$213M
$207M
$207M
$207M
$211M
$205M
$204M
$206M
$200M
$201M
$202M
$203M
$214M

Kilroy Realty Corporation · KRC

$232M
$261M
$266M
$271M
$276M
$284M
$293M
$284M
$284M
$269M
$279M
$281M
$290M
$286M
$271M
$290M
$280M
$272M
$270M

Piedmont Realty Trust, Inc. · PDM

$131M
$138M
$136M
$136M
$144M
$147M
$142M
$143M
$147M
$145M
$145M
$143M
$139M
$143M
$143M
$140M
$139M
$143M
$143M

SL Green Realty Corp. · SLG

$205M
$212M
$188M
$201M
$212M
$225M
$246M
$246M
$210M
$212M
$188M
$223M
$230M
$246M
$240M
$242M
$245M
$276M
$253M

Vornado Realty Trust · VNO

$409M
$421M
$442M
$453M
$457M
$447M
$446M
$472M
$451M
$442M
$436M
$450M
$443M
$458M
$462M
$441M
$454M
$454M
$459M

Income growth · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

26%
20%
16%
14%
11%
8.2%
13%
9.7%
7.4%
11%
4.2%
-1.4%
-0.7%
-5.1%
-4.4%
-11%

BXP, Inc. · BXP

8.4%
8.4%
8.1%
6.5%
5.6%
4.2%
4.9%
4.5%
4.0%
4.3%
3.6%
3.1%
2.1%
1.5%
2.1%
0.8%

COPT Defense Properties · CDP

18%
9.6%
-5.9%
-14%
-9.1%
-7.7%
2.9%
15%
11%
12%
1.7%
-2.6%
1.6%
0.0%
7.7%
6.9%

Cousins Properties Incorporated · CUZ

-0.5%
3.2%
2.6%
8.6%
9.7%
2.1%
1.0%
3.0%
4.4%
5.0%
14%
20%
13%
19%
13%
5.2%

Douglas Emmett, Inc. · DEI

9.8%
6.7%
6.3%
5.4%
2.4%
0.4%
2.0%
-2.8%
-2.8%
-1.6%
-5.4%
2.9%
2.4%
0.0%
1.6%
-0.4%

Easterly Government Properties, Inc. · DEA

5.8%
7.1%
2.8%
-1.4%
-2.7%
-4.0%
-1.4%
2.8%
7.0%
4.2%
6.9%
8.2%
11%
15%
12%
16%

Empire State Realty OP, L.P. · ESBA

29%
12%
13%
0.6%
-3.5%
4.4%
6.6%
9.7%
-0.5%
4.2%
2.6%
-0.6%
0.5%
-1.0%
0.5%
5.6%

Highwoods Properties, Inc. · HIW

9.7%
6.2%
4.4%
3.4%
1.5%
0.0%
-2.4%
-0.9%
-1.0%
-1.5%
-0.5%
-5.2%
-2.0%
-1.0%
-1.5%
7.0%

Kilroy Realty Corporation · KRC

20%
19%
8.8%
10%
4.8%
2.9%
-5.3%
-4.8%
-1.1%
2.1%
6.3%
-2.9%
3.2%
-3.5%
-4.9%
-0.4%

Piedmont Realty Trust, Inc. · PDM

4.6%
9.9%
6.5%
4.4%
5.2%
2.1%
-1.4%
2.1%
0.0%
-5.4%
-1.4%
-1.4%
-2.1%
0.0%
0.0%
0.0%

SL Green Realty Corp. · SLG

-7.8%
3.4%
6.1%
31%
22%
-0.9%
-5.8%
-24%
-9.4%
9.5%
16%
28%
8.5%
6.5%
12%
5.4%

Vornado Realty Trust · VNO

20%
12%
6.2%
0.9%
4.2%
-1.3%
-1.1%
-2.2%
-4.7%
-1.8%
3.6%
6.0%
-2.0%
2.5%
-0.9%
-0.7%
02 · compare level, then change

Profit Scale & Acceleration

Vornado Realty Trust has the highest Net profit among the 17 REIT - Office companies compared here, at $910 million. BXP, Inc. is next at $430 million. BXP, Inc. has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Vornado Realty Trust leads with $910 million of TTM profit, 111.6% above BXP, Inc.. BXP, Inc. shows ≥100% on the scoring scale (571.9% uncapped) growth from a $430 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVornado Realty Trust · $910 million
Gap111.6% versus #2 · BXP, Inc.
Persistence2/8 recent comparable periods
Coverage15/17 companies · 317 observations

Investor read: Vornado Realty Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.
Net profitlargest
1Vornado Realty Trust VNO$910M
2BXP, Inc. BXP$430M
3Kilroy Realty Corporation KRC$260M
4COPT Defense Properties CDP$163M
5Highwoods Properties, Inc. HIW$100M
Profit growthfastest growers
1BXP, Inc. BXP100%
2Vornado Realty Trust VNO100%
3Postal Realty Trust, Inc. PSTL91%
4Kilroy Realty Corporation KRC20%
5COPT Defense Properties CDP12%
Net profit · company comparison
15/17 level · 11/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Alexandria Real Estate Equities, Inc. ARE$398M921%Mar 2026
BXP, Inc. BXP$133M53%Mar 2026
COPT Defense Properties CDP$40M11%Mar 2026
Highwoods Properties, Inc. HIW$33M-67%Mar 2026
Net Lease Office Properties NLOP$25M2,400%Mar 2026
Postal Realty Trust, Inc. PSTL$5M67%Mar 2026
Empire State Realty OP, L.P. ESBA$2M-87%Mar 2026
Easterly Government Properties, Inc. DEA$1M-67%Mar 2026
Douglas Emmett, Inc. DEI$-13M-129%Mar 2026
Piedmont Realty Trust, Inc. PDM$-13M-137%Mar 2026
Orion Properties Inc. ONL$-14M-500%Mar 2026
Kilroy Realty Corporation KRC$-15M-134%Mar 2026
Vornado Realty Trust VNO$-22M-122%Mar 2026
Cousins Properties Incorporated CUZ$-25M-219%Mar 2026
Brandywine Realty Trust BDN$-31M-129%Jun 2026
Hudson Pacific Properties, Inc. HPP$-51M-875%Mar 2026
SL Green Realty Corp. SLG$-60M-645%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

$124M
$100M
$-117M
$309M
$383M
$95M
$122M
$134M
$68M
$-43M
$219M
$94M
$214M
$-16M
$39M
$-62M
$-198M
$-995M
$398M

BXP, Inc. · BXP

$139M
$223M
$177M
$267M
$421M
$156M
$106M
$136M
$-104M
$153M
$107M
$107M
$108M
$-238M
$87M
$119M
$-117M
$295M
$133M

COPT Defense Properties · CDP

$29M
$15M
$61M
$34M
$32M
$52M
$80M
$32M
$-221M
$35M
$34M
$36M
$37M
$36M
$36M
$40M
$44M
$39M
$40M

Cousins Properties Incorporated · CUZ

$54M
$167M
$28M
$34M
$81M
$24M
$22M
$23M
$19M
$19M
$13M
$8M
$11M
$14M
$21M
$15M
$9M
$-3M
$-25M

Douglas Emmett, Inc. · DEI

$16M
$19M
$26M
$24M
$21M
$25M
$16M
$-15M
$-21M
$-56M
$6M
$9M
$0M
$-8M
$45M
$-15M
$-21M
$-20M
$-13M

Easterly Government Properties, Inc. · DEA

$9M
$8M
$8M
$8M
$1M
$18M
$4M
$6M
$6M
$5M
$5M
$5M
$5M
$6M
$3M
$4M
$1M
$5M
$1M

Empire State Realty OP, L.P. · ESBA

$-11M
$-5M
$-18M
$47M
$9M
$21M
$11M
$36M
$19M
$15M
$9M
$28M
$22M
$18M
$15M
$10M
$13M
$31M
$2M

Highwoods Properties, Inc. · HIW

$76M
$129M
$42M
$53M
$40M
$29M
$45M
$44M
$23M
$39M
$27M
$65M
$15M
$-3M
$100M
$19M
$14M
$34M
$33M

Kilroy Realty Corporation · KRC

$53M
$67M
$59M
$54M
$87M
$59M
$65M
$61M
$59M
$52M
$56M
$55M
$58M
$60M
$44M
$80M
$162M
$33M
$-15M

Piedmont Realty Trust, Inc. · PDM

$11M
$-32M
$60M
$8M
$3M
$76M
$-1M
$-2M
$-17M
$-28M
$-28M
$-10M
$-12M
$-30M
$-10M
$-17M
$-13M
$-43M
$-13M

SL Green Realty Corp. · SLG

$416M
$22M
$33M
$-17M
$42M
$-54M
$-38M
$-379M
$-12M
$-121M
$26M
$8M
$-9M
$19M
$11M
$21M
$35M
$-104M
$-60M

Vornado Realty Trust · VNO

$72M
$-8M
$53M
$69M
$20M
$26M
$11M
$63M
$60M
$427M
$-6M
$40M
$-19M
$114M
$100M
$813M
$19M
$100M
$-22M

Profit growth · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

-24%
209%
-5.0%
-57%
-82%
-145%
80%
-30%
215%
-82%
-166%
-193%
921%

BXP, Inc. · BXP

89%
203%
-30%
-40%
-49%
-125%
-1.9%
0.9%
-21%
-256%
-19%
11%
-208%
53%

COPT Defense Properties · CDP

-23%
10%
247%
31%
-5.9%
-791%
-33%
-58%
13%
2.9%
5.9%
11%
19%
8.3%
11%

Cousins Properties Incorporated · CUZ

21%
50%
-86%
-21%
-32%
-77%
-21%
-41%
-65%
-42%
-26%
62%
88%
-18%
-121%
-219%

Douglas Emmett, Inc. · DEI

-52%
31%
32%
-38%
-163%
-200%
-324%
-63%
650%
-267%
-129%

Easterly Government Properties, Inc. · DEA

-11%
-89%
125%
-50%
-25%
500%
-72%
25%
-17%
-17%
20%
-40%
-20%
-80%
-17%
-67%

Empire State Realty OP, L.P. · ESBA

1,467%
-23%
111%
-29%
-18%
-22%
16%
20%
67%
-64%
-41%
72%
-87%

Highwoods Properties, Inc. · HIW

-15%
-47%
-78%
7.1%
-17%
-43%
34%
-40%
48%
-35%
-108%
270%
-71%
-6.7%
-67%

Kilroy Realty Corporation · KRC

26%
64%
-12%
10%
13%
-32%
-12%
-14%
-9.8%
-1.7%
15%
-21%
45%
179%
-45%
-134%

Piedmont Realty Trust, Inc. · PDM

-20%
-73%
-102%
-125%
-667%
-137%

SL Green Realty Corp. · SLG

-112%
-90%
-345%
-215%
-129%
-58%
163%
-647%
-645%

Vornado Realty Trust · VNO

-10%
-72%
-79%
-8.7%
200%
1,542%
-155%
-37%
-132%
-73%
1,933%
-12%
-122%
03 · compare level, then change

Funding Base & Its Composition

No company in this REIT - Office comparison has a funding base figure that passes this section's guard, so the Deposits rank is empty. On Borrowings, BXP, Inc. is highest at $16,359 million, across 17 of 17 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

LeaderNo comparable leader
GapNot enough peers
PersistenceNot enough history
Coverage0/17 companies · 0 observations

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.
Depositslargest deposit bases
Not enough comparable data
Borrowingslargest borrowings
1BXP, Inc. BXP$16.4B
2Alexandria Real Estate Equities, Inc. ARE$12.5B
3Vornado Realty Trust VNO$8.4B
4SL Green Realty Corp. SLG$6.3B
5Douglas Emmett, Inc. DEI$5.6B
Funding base · company comparison
0/17 level · 17/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyDepositsBorrowingsReported
BXP, Inc. BXP$16.4BMar 2026
Alexandria Real Estate Equities, Inc. ARE$12.5BMar 2026
Vornado Realty Trust VNO$8.4BMar 2026
Cousins Properties Incorporated CUZ$3.8BMar 2026
Kilroy Realty Corporation KRC$4.7BMar 2026
COPT Defense Properties CDP$2.6BMar 2026
SL Green Realty Corp. SLG$6.3BJun 2026
Highwoods Properties, Inc. HIW$3.7BMar 2026
Douglas Emmett, Inc. DEI$5.6BMar 2026
Empire State Realty OP, L.P. ESBA$2.3BMar 2026
Easterly Government Properties, Inc. DEA$1.7BMar 2026
Piedmont Realty Trust, Inc. PDM$2.3BMar 2026
Postal Realty Trust, Inc. PSTL$386MMar 2026
Hudson Pacific Properties, Inc. HPP$3.8BMar 2026
Brandywine Realty Trust BDN$2.6BJun 2026
Net Lease Office Properties NLOP$22MMar 2026
Orion Properties Inc. ONL$494MMar 2026
Full 20-quarter history · every available company

No consistent historical series is available for deposits.

Borrowings · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

$9.3B
$8.8B
$10.3B
$10.3B
$10.5B
$10.2B
$11.5B
$11.2B
$11.2B
$11.3B
$12.2B
$12.4B
$12.7B
$12.2B
$13.1B
$13.3B
$13.6B
$12.4B
$12.5B

BXP, Inc. · BXP

$13.8B
$13.3B
$13.5B
$14.1B
$14.3B
$14.7B
$15.2B
$15.9B
$15.6B
$16.6B
$16.2B
$16.1B
$17.0B
$17.0B
$16.4B
$16.6B
$17.3B
$17.4B
$16.4B

COPT Defense Properties · CDP

$2.2B
$2.3B
$2.2B
$2.2B
$2.3B
$2.3B
$2.2B
$2.2B
$2.4B
$2.5B
$2.5B
$2.4B
$2.4B
$2.4B
$2.5B
$2.5B
$2.5B
$2.8B
$2.6B

Cousins Properties Incorporated · CUZ

$2.0B
$2.2B
$2.3B
$2.3B
$2.3B
$2.3B
$2.4B
$2.4B
$2.4B
$2.5B
$2.6B
$2.6B
$2.7B
$3.1B
$3.0B
$3.5B
$3.3B
$3.3B
$3.8B

Douglas Emmett, Inc. · DEI

$5.0B
$5.0B
$5.0B
$5.2B
$5.2B
$5.2B
$5.2B
$5.3B
$5.6B
$5.6B
$5.6B
$5.6B
$5.5B
$5.5B
$5.6B
$5.6B
$5.6B
$5.6B
$5.6B

Easterly Government Properties, Inc. · DEA

$1.0B
$1.2B
$1.2B
$1.3B
$1.4B
$1.3B
$1.2B
$1.2B
$1.2B
$1.3B
$1.4B
$1.4B
$1.5B
$1.6B
$1.6B
$1.7B
$1.6B
$1.7B
$1.7B

Empire State Realty OP, L.P. · ESBA

$2.2B
$2.4B
$2.4B
$2.3B
$2.3B
$2.3B
$2.3B
$2.3B
$2.3B
$2.3B
$2.3B
$2.5B
$2.5B
$2.5B
$2.1B
$2.1B
$2.1B
$2.4B
$2.3B

Highwoods Properties, Inc. · HIW

$2.9B
$2.8B
$2.8B
$2.8B
$3.0B
$3.2B
$3.3B
$3.2B
$3.2B
$3.2B
$3.3B
$3.2B
$3.3B
$3.3B
$3.3B
$3.3B
$3.4B
$3.6B
$3.7B

Kilroy Realty Corporation · KRC

$4.0B
$4.2B
$4.2B
$4.2B
$4.2B
$4.4B
$4.5B
$4.5B
$5.1B
$5.1B
$5.2B
$5.2B
$5.1B
$4.7B
$4.7B
$4.7B
$4.7B
$4.7B
$4.7B

Piedmont Realty Trust, Inc. · PDM

$1.7B
$1.9B
$1.7B
$1.7B
$2.1B
$2.0B
$2.2B
$2.0B
$2.1B
$2.1B
$2.1B
$2.2B
$2.2B
$2.2B
$2.2B
$2.2B
$2.2B
$2.2B
$2.3B

SL Green Realty Corp. · SLG

$4.7B
$5.0B
$5.0B
$4.8B
$6.6B
$6.5B
$3.3B
$4.8B
$4.3B
$4.4B
$4.7B
$4.6B
$5.3B
$5.1B
$6.2B
$6.1B
$5.9B
$6.0B
$6.5B
$6.3B

Vornado Realty Trust · VNO

$9.0B
$9.0B
$9.3B
$9.1B
$9.1B
$9.1B
$9.0B
$9.0B
$9.0B
$9.0B
$9.0B
$9.0B
$9.0B
$9.0B
$8.5B
$7.8B
$7.9B
$7.9B
$8.4B
04 · compare level, then change

Return On Assets

Vornado Realty Trust has the highest ROA among the 17 REIT - Office companies compared here, at 4.7%. Empire State Realty OP, L.P. is next at 2.1%. Brandywine Realty Trust has the highest ROA change at +1.8 percentage points, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Vornado Realty Trust leads roa at 4.7%; Brandywine Realty Trust leads roa change at +1.8 percentage points.

LeaderVornado Realty Trust · 4.7%
Gap123.8% versus #2 · Empire State Realty OP, L.P.
Persistence2/8 recent comparable periods
Coverage17/17 companies · 319 observations

Investor read: Vornado Realty Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.
ROAhighest
1Vornado Realty Trust VNO4.7%
2Empire State Realty OP, L.P. ESBA2.1%
3COPT Defense Properties CDP1.3%
4Postal Realty Trust, Inc. PSTL1.3%
5BXP, Inc. BXP0.9%
ROA changefastest improvers
1Brandywine Realty Trust BDN+1.8 pp
2Vornado Realty Trust VNO+1.6 pp
3Postal Realty Trust, Inc. PSTL+0.3 pp
4Hudson Pacific Properties, Inc. HPP+0.1 pp
5Alexandria Real Estate Equities, Inc. ARE0.0 pp
Return on assets · company comparison
17/17 level · 17/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROAROA changeReported
Vornado Realty Trust VNO4.7%+1.6 ppMar 2026
Empire State Realty OP, L.P. ESBA2.1%−0.3 ppMar 2026
COPT Defense Properties CDP1.3%0.0 ppMar 2026
Postal Realty Trust, Inc. PSTL1.3%+0.3 ppMar 2026
BXP, Inc. BXP0.9%−0.1 ppMar 2026
Highwoods Properties, Inc. HIW0.8%−0.1 ppMar 2026
Kilroy Realty Corporation KRC0.6%−0.1 ppMar 2026
Easterly Government Properties, Inc. DEA0.6%0.0 ppMar 2026
Brandywine Realty Trust BDN0.6%+1.8 ppJun 2026
Net Lease Office Properties NLOP0.6%−0.2 ppMar 2026
Douglas Emmett, Inc. DEI0.5%0.0 ppMar 2026
Piedmont Realty Trust, Inc. PDM0.5%0.0 ppMar 2026
Alexandria Real Estate Equities, Inc. ARE0.3%0.0 ppMar 2026
Cousins Properties Incorporated CUZ0.3%−0.4 ppMar 2026
SL Green Realty Corp. SLG0.3%−0.5 ppJun 2026
Hudson Pacific Properties, Inc. HPP-0.2%+0.1 ppMar 2026
Orion Properties Inc. ONL-0.3%−0.2 ppMar 2026
Full 20-quarter history · every available company

ROA · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

0.4%
0.5%
0.5%
0.5%
0.4%
0.4%
0.5%
0.0%
0.5%
-0.2%
0.6%
0.5%
0.6%
0.0%
0.3%
0.1%
-0.5%
-4.3%
0.3%

BXP, Inc. · BXP

1.1%
1.1%
1.1%
1.2%
1.2%
1.1%
1.0%
1.1%
1.1%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
0.9%

COPT Defense Properties · CDP

1.0%
1.3%
1.0%
1.1%
1.1%
1.1%
1.1%
1.1%
-4.8%
1.2%
1.2%
1.3%
1.3%
1.3%
1.3%
1.4%
1.3%
1.3%
1.3%

Cousins Properties Incorporated · CUZ

0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.6%
0.5%
0.5%
0.6%
0.6%
0.7%
0.7%
0.6%
0.6%
0.3%

Douglas Emmett, Inc. · DEI

0.6%
0.6%
0.6%
0.6%
0.6%
0.7%
0.6%
0.3%
0.3%
0.3%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%

Easterly Government Properties, Inc. · DEA

0.7%
0.7%
0.7%
0.7%
0.6%
0.6%
0.5%
0.6%
0.6%
0.6%
0.6%
0.6%
0.7%
0.7%
0.6%
0.7%
0.7%
0.6%
0.6%

Empire State Realty OP, L.P. · ESBA

1.6%
0.8%
1.7%
0.4%
2.7%
2.1%
2.3%
1.1%
2.8%
2.5%
2.4%
1.8%
2.3%
2.6%
2.4%
1.5%
2.1%
2.4%
2.1%

Highwoods Properties, Inc. · HIW

1.1%
1.1%
1.1%
0.5%
1.0%
1.0%
1.1%
1.0%
0.9%
0.8%
0.9%
1.0%
0.8%
0.4%
0.9%
0.9%
0.7%
0.9%
0.8%

Kilroy Realty Corporation · KRC

0.7%
0.8%
0.8%
0.7%
0.8%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.7%
0.8%
0.7%
0.8%
0.7%
0.6%
0.6%

Piedmont Realty Trust, Inc. · PDM

0.6%
0.5%
0.6%
0.6%
0.5%
0.5%
0.5%
0.5%
0.3%
0.0%
0.1%
0.5%
0.5%
0.0%
0.5%
0.5%
0.5%
0.5%
0.5%

SL Green Realty Corp. · SLG

0.5%
0.5%
0.3%
0.5%
0.5%
0.3%
0.1%
0.4%
0.2%
0.1%
0.1%
0.4%
-0.3%
0.5%
0.5%
0.8%
0.1%
0.4%
0.2%
0.3%

Vornado Realty Trust · VNO

0.5%
-1.2%
0.4%
2.1%
-0.7%
0.2%
0.3%
0.6%
0.3%
2.7%
-4.8%
-0.9%
-1.5%
0.4%
3.1%
-1.0%
-1.7%
0.4%
4.7%

ROA change · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

0.0 pp
−0.1 pp
0.0 pp
−0.5 pp
+0.1 pp
−0.6 pp
+0.1 pp
+0.5 pp
+0.1 pp
+0.2 pp
−0.3 pp
−0.4 pp
−1.1 pp
−4.3 pp
0.0 pp

BXP, Inc. · BXP

+0.1 pp
0.0 pp
−0.1 pp
−0.1 pp
−0.1 pp
−0.1 pp
0.0 pp
−0.1 pp
−0.1 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
−0.1 pp

COPT Defense Properties · CDP

+0.1 pp
−0.2 pp
+0.1 pp
0.0 pp
−5.9 pp
+0.1 pp
+0.1 pp
+0.2 pp
+6.1 pp
+0.1 pp
+0.1 pp
+0.1 pp
0.0 pp
0.0 pp
0.0 pp

Cousins Properties Incorporated · CUZ

0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
−0.1 pp
−0.1 pp
0.0 pp
0.0 pp
+0.2 pp
+0.2 pp
0.0 pp
0.0 pp
−0.4 pp

Douglas Emmett, Inc. · DEI

0.0 pp
+0.1 pp
0.0 pp
−0.3 pp
−0.3 pp
−0.4 pp
0.0 pp
+0.3 pp
+0.2 pp
+0.2 pp
−0.1 pp
−0.1 pp
0.0 pp
0.0 pp
0.0 pp

Easterly Government Properties, Inc. · DEA

−0.1 pp
−0.1 pp
−0.2 pp
−0.1 pp
0.0 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp
+0.1 pp
0.0 pp
+0.1 pp
0.0 pp
−0.1 pp
0.0 pp

Empire State Realty OP, L.P. · ESBA

+1.1 pp
+1.3 pp
+0.6 pp
+0.7 pp
+0.1 pp
+0.4 pp
+0.1 pp
+0.7 pp
−0.5 pp
+0.1 pp
0.0 pp
−0.3 pp
−0.2 pp
−0.2 pp
−0.3 pp

Highwoods Properties, Inc. · HIW

−0.1 pp
−0.1 pp
0.0 pp
+0.5 pp
−0.1 pp
−0.2 pp
−0.2 pp
0.0 pp
−0.1 pp
−0.4 pp
0.0 pp
−0.1 pp
−0.1 pp
+0.5 pp
−0.1 pp

Kilroy Realty Corporation · KRC

+0.1 pp
0.0 pp
0.0 pp
+0.1 pp
−0.1 pp
−0.1 pp
−0.1 pp
−0.1 pp
0.0 pp
+0.1 pp
0.0 pp
+0.1 pp
0.0 pp
−0.2 pp
−0.1 pp

Piedmont Realty Trust, Inc. · PDM

−0.1 pp
0.0 pp
−0.1 pp
−0.1 pp
−0.2 pp
−0.5 pp
−0.4 pp
0.0 pp
+0.2 pp
0.0 pp
+0.4 pp
0.0 pp
0.0 pp
+0.5 pp
0.0 pp

SL Green Realty Corp. · SLG

0.0 pp
−0.2 pp
−0.2 pp
−0.1 pp
−0.3 pp
−0.2 pp
0.0 pp
0.0 pp
−0.5 pp
+0.4 pp
+0.4 pp
+0.4 pp
+0.4 pp
−0.1 pp
−0.3 pp
−0.5 pp

Vornado Realty Trust · VNO

−1.2 pp
+1.4 pp
−0.1 pp
−1.5 pp
+1.0 pp
+2.5 pp
−5.1 pp
−1.5 pp
−1.8 pp
−2.3 pp
+7.9 pp
−0.1 pp
−0.2 pp
0.0 pp
+1.6 pp
05 · compare level, then change

ROE — Leaders & Improvers

Empire State Realty OP, L.P. has the highest ROE among the 17 REIT - Office companies compared here, at 7.1%. Net Lease Office Properties is next at 6.6%. Net Lease Office Properties has the highest ROE change at +6.5 percentage points, so level and change sit with different companies. Its ROE series carries 19 reported observations across the 20-quarter window.

What the numbers say: Empire State Realty OP, L.P. leads roe at 7.1%; Net Lease Office Properties leads roe change at +6.5 percentage points.

LeaderEmpire State Realty OP, L.P. · 7.1%
Gap7.6% versus #2 · Net Lease Office Properties
Persistence4/8 recent comparable periods
Coverage17/17 companies · 319 observations

Investor read: Empire State Realty OP, L.P. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.
ROEhighest
1Empire State Realty OP, L.P. ESBA7.1%
2Net Lease Office Properties NLOP6.6%
3COPT Defense Properties CDP2.5%
4Alexandria Real Estate Equities, Inc. ARE1.9%
5BXP, Inc. BXP1.7%
ROE changefastest improvers
1Net Lease Office Properties NLOP+6.5 pp
2Brandywine Realty Trust BDN+3.6 pp
3Empire State Realty OP, L.P. ESBA+2.9 pp
4Alexandria Real Estate Equities, Inc. ARE+1.7 pp
5Hudson Pacific Properties, Inc. HPP+0.9 pp
Return on equity · company comparison
17/17 level · 17/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROEROE changeReported
Empire State Realty OP, L.P. ESBA7.1%+2.9 ppMar 2026
Net Lease Office Properties NLOP6.6%+6.5 ppMar 2026
COPT Defense Properties CDP2.5%+0.2 ppMar 2026
Alexandria Real Estate Equities, Inc. ARE1.9%+1.7 ppMar 2026
BXP, Inc. BXP1.7%+0.6 ppMar 2026
Postal Realty Trust, Inc. PSTL1.4%+0.6 ppMar 2026
Highwoods Properties, Inc. HIW1.3%−2.8 ppMar 2026
SL Green Realty Corp. SLG0.1%−0.4 ppJun 2026
Easterly Government Properties, Inc. DEA0.1%−0.1 ppMar 2026
Vornado Realty Trust VNO-0.3%−1.9 ppMar 2026
Kilroy Realty Corporation KRC-0.3%−1.1 ppMar 2026
Douglas Emmett, Inc. DEI-0.4%−1.6 ppMar 2026
Cousins Properties Incorporated CUZ-0.5%−1.0 ppMar 2026
Piedmont Realty Trust, Inc. PDM-0.8%−0.2 ppMar 2026
Hudson Pacific Properties, Inc. HPP-1.7%+0.9 ppMar 2026
Brandywine Realty Trust BDN-1.8%+3.6 ppJun 2026
Orion Properties Inc. ONL-2.0%−0.8 ppMar 2026
Full 20-quarter history · every available company

ROE · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

0.8%
0.6%
-0.7%
1.7%
2.0%
0.5%
0.6%
0.6%
0.3%
-0.2%
1.0%
0.4%
0.9%
-0.1%
0.2%
-0.3%
-0.9%
-4.8%
1.9%

BXP, Inc. · BXP

1.7%
2.7%
2.2%
3.3%
5.1%
1.9%
1.3%
1.7%
-1.3%
1.8%
1.3%
1.3%
1.3%
-2.9%
1.1%
1.5%
-1.5%
3.8%
1.7%

COPT Defense Properties · CDP

1.7%
0.9%
3.5%
1.9%
1.8%
3.0%
4.5%
1.8%
-13%
2.1%
2.0%
2.1%
2.3%
2.3%
2.3%
2.5%
2.7%
2.4%
2.5%

Cousins Properties Incorporated · CUZ

1.2%
3.7%
0.6%
0.8%
1.8%
0.5%
0.5%
0.5%
0.4%
0.4%
0.3%
0.2%
0.3%
0.3%
0.5%
0.3%
0.2%
-0.1%
-0.5%

Douglas Emmett, Inc. · DEI

0.4%
0.5%
0.6%
0.6%
0.5%
0.6%
0.4%
-0.4%
-0.5%
-1.4%
0.2%
0.2%
0.0%
-0.2%
1.2%
-0.4%
-0.6%
-0.6%
-0.4%

Easterly Government Properties, Inc. · DEA

0.7%
0.6%
0.6%
0.6%
0.1%
1.3%
0.3%
0.4%
0.4%
0.3%
0.3%
0.3%
0.4%
0.4%
0.2%
0.3%
0.1%
0.3%
0.1%

Empire State Realty OP, L.P. · ESBA

1.0%
-2.4%
-1.0%
-4.1%
12%
2.4%
5.2%
2.8%
8.7%
4.6%
3.7%
2.4%
6.6%
5.2%
4.2%
3.5%
2.5%
3.0%
7.1%

Highwoods Properties, Inc. · HIW

3.2%
5.3%
1.7%
2.2%
1.6%
1.2%
1.8%
1.8%
0.9%
1.6%
1.1%
2.6%
0.6%
-0.1%
4.1%
0.8%
0.6%
1.4%
1.3%

Kilroy Realty Corporation · KRC

1.0%
1.2%
1.0%
1.0%
1.5%
1.0%
1.2%
1.1%
1.0%
0.9%
1.0%
1.0%
1.0%
1.1%
0.8%
1.4%
2.9%
0.6%
-0.3%

Piedmont Realty Trust, Inc. · PDM

0.6%
-1.7%
3.2%
0.4%
0.2%
4.2%
-0.1%
-0.1%
-1.0%
-1.6%
-1.6%
-0.6%
-0.7%
-1.8%
-0.6%
-1.0%
-0.8%
-2.8%
-0.8%

SL Green Realty Corp. · SLG

7.3%
0.4%
0.6%
-0.3%
0.8%
-1.0%
-0.7%
-7.7%
-0.2%
-2.6%
0.6%
0.2%
-0.2%
0.4%
0.2%
0.5%
0.8%
-2.3%
-1.4%
0.1%

Vornado Realty Trust · VNO

1.0%
-0.1%
0.7%
1.0%
0.3%
0.4%
0.2%
0.9%
0.9%
6.6%
-0.1%
0.6%
-0.3%
1.8%
1.6%
12%
0.3%
1.5%
-0.3%

ROE change · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

+1.2 pp
−0.1 pp
+1.3 pp
−1.1 pp
−1.7 pp
−0.7 pp
+0.4 pp
−0.2 pp
+0.6 pp
+0.1 pp
−0.8 pp
−0.7 pp
−1.8 pp
−4.7 pp
+1.7 pp

BXP, Inc. · BXP

+3.4 pp
−0.8 pp
−0.9 pp
−1.6 pp
−6.4 pp
−0.1 pp
0.0 pp
−0.4 pp
+2.6 pp
−4.7 pp
−0.2 pp
+0.2 pp
−2.8 pp
+6.7 pp
+0.6 pp

COPT Defense Properties · CDP

+0.1 pp
+2.1 pp
+1.0 pp
−0.1 pp
−15.0 pp
−0.9 pp
−2.5 pp
+0.3 pp
+15.5 pp
+0.2 pp
+0.3 pp
+0.4 pp
+0.4 pp
+0.1 pp
+0.2 pp

Cousins Properties Incorporated · CUZ

+0.6 pp
−3.2 pp
−0.1 pp
−0.3 pp
−1.4 pp
−0.1 pp
−0.2 pp
−0.3 pp
−0.1 pp
−0.1 pp
+0.2 pp
+0.1 pp
−0.1 pp
−0.4 pp
−1.0 pp

Douglas Emmett, Inc. · DEI

+0.1 pp
+0.1 pp
−0.2 pp
−1.0 pp
−1.0 pp
−2.0 pp
−0.2 pp
+0.6 pp
+0.5 pp
+1.2 pp
+1.0 pp
−0.6 pp
−0.6 pp
−0.4 pp
−1.6 pp

Easterly Government Properties, Inc. · DEA

−0.6 pp
+0.7 pp
−0.3 pp
−0.2 pp
+0.3 pp
−1.0 pp
0.0 pp
−0.1 pp
0.0 pp
+0.1 pp
−0.1 pp
0.0 pp
−0.3 pp
−0.1 pp
−0.1 pp

Empire State Realty OP, L.P. · ESBA

+10.7 pp
+4.8 pp
+6.2 pp
+6.9 pp
−3.0 pp
+2.2 pp
−1.5 pp
−0.4 pp
−2.1 pp
+0.6 pp
+0.5 pp
+1.1 pp
−4.1 pp
−2.2 pp
+2.9 pp

Highwoods Properties, Inc. · HIW

−1.6 pp
−4.1 pp
+0.1 pp
−0.4 pp
−0.7 pp
+0.4 pp
−0.7 pp
+0.8 pp
−0.3 pp
−1.7 pp
+3.0 pp
−1.8 pp
0.0 pp
+1.5 pp
−2.8 pp

Kilroy Realty Corporation · KRC

+0.5 pp
−0.2 pp
+0.2 pp
+0.1 pp
−0.5 pp
−0.1 pp
−0.2 pp
−0.1 pp
0.0 pp
+0.2 pp
−0.2 pp
+0.4 pp
+1.9 pp
−0.5 pp
−1.1 pp

Piedmont Realty Trust, Inc. · PDM

−0.4 pp
+5.9 pp
−3.3 pp
−0.5 pp
−1.2 pp
−5.8 pp
−1.5 pp
−0.5 pp
+0.3 pp
−0.2 pp
+1.0 pp
−0.4 pp
−0.1 pp
−1.0 pp
−0.2 pp

SL Green Realty Corp. · SLG

−6.5 pp
−1.4 pp
−1.3 pp
−7.4 pp
−1.0 pp
−1.6 pp
+1.3 pp
+7.9 pp
0.0 pp
+3.0 pp
−0.4 pp
+0.3 pp
+1.0 pp
−2.7 pp
−1.6 pp
−0.4 pp

Vornado Realty Trust · VNO

−0.7 pp
+0.5 pp
−0.5 pp
−0.1 pp
+0.6 pp
+6.2 pp
−0.3 pp
−0.3 pp
−1.2 pp
−4.8 pp
+1.7 pp
+11.5 pp
+0.6 pp
−0.3 pp
−1.9 pp
06 · not available

Gross NPA — Leaders & Improvers

No company in this REIT - Office comparison reports gross NPA on a comparable basis, so there is nothing to rank here — 0 of 17 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.
07 · compare level, then change

Valuation Against Growth & Quality

Empire State Realty OP, L.P. has the lowest P/BV ÷ ROE among the 17 REIT - Office companies compared here, at 0.11×. Net Lease Office Properties is next at 0.15×. Hudson Pacific Properties, Inc. has the lowest P/BV at 0.11×, so level and change sit with different companies.

What the numbers say: Empire State Realty OP, L.P. has the lowest comparable P/BV ÷ ROE at 0.11×, 26.7% below Net Lease Office Properties. Only 9 of 17 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderEmpire State Realty OP, L.P. · 0.11×
Gap26.7% versus #2 · Net Lease Office Properties
Persistence0/8 recent comparable periods
Coverage9/17 companies · 212 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.
P/BV ÷ ROElowest return-adjusted price
1Empire State Realty OP, L.P. ESBA0.1
2Net Lease Office Properties NLOP0.2
3Alexandria Real Estate Equities, Inc. ARE0.3
4Highwoods Properties, Inc. HIW0.8
5COPT Defense Properties CDP0.9
P/BVlowest P/BV
1Hudson Pacific Properties, Inc. HPP0.1
2Orion Properties Inc. ONL0.2
3Alexandria Real Estate Equities, Inc. ARE0.5
4Piedmont Realty Trust, Inc. PDM0.6
5Kilroy Realty Corporation KRC0.6
Valuation · company comparison
9/17 level · 17/17 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyP/BV ÷ ROEP/BVReported
SL Green Realty Corp. SLG10.81.1Jun 2026
Easterly Government Properties, Inc. DEA7.60.8Mar 2026
Hudson Pacific Properties, Inc. HPP6.20.1Mar 2026
Cousins Properties Incorporated CUZ5.20.8Mar 2026
Kilroy Realty Corporation KRC1.40.6Mar 2026
Postal Realty Trust, Inc. PSTL1.31.8Mar 2026
Douglas Emmett, Inc. DEI1.10.8Mar 2026
BXP, Inc. BXP0.91.6Mar 2026
COPT Defense Properties CDP0.92.3Mar 2026
Brandywine Realty Trust BDN0.80.8Jun 2026
Highwoods Properties, Inc. HIW0.81.0Mar 2026
Vornado Realty Trust VNO0.70.8Mar 2026
Alexandria Real Estate Equities, Inc. ARE0.30.5Mar 2026
Net Lease Office Properties NLOP0.21.0Mar 2026
Piedmont Realty Trust, Inc. PDM0.10.6Mar 2026
Empire State Realty OP, L.P. ESBA0.10.8Mar 2026
Orion Properties Inc. ONL0.2Mar 2026
Full 20-quarter history · every available company

P/BV ÷ ROE · reported quarter history

Showing the 12 largest of 16 companies with a series here. The remaining 4 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

2.5
3.6
0.8
0.7
2.6
1.9
1.7
3.1
1.2
2.8
1.2
4.5
0.3

BXP, Inc. · BXP

1.7
1.1
1.6
0.7
0.4
0.9
1.1
0.9
1.0
1.4
1.3
1.7
1.8
1.4
0.6
0.9

COPT Defense Properties · CDP

1.1
2.2
0.6
0.9
0.9
0.6
0.3
0.9
0.9
0.9
0.9
1.0
1.0
0.9
0.8
0.8
0.9
0.9

Cousins Properties Incorporated · CUZ

1.1
0.4
2.2
1.2
0.4
1.7
1.4
1.5
1.7
2.1
2.7
4.0
3.4
3.5
2.1
3.5
5.2

Douglas Emmett, Inc. · DEI

5.8
4.9
3.9
2.6
2.4
1.8
2.2
5.3
5.2
1.1

Easterly Government Properties, Inc. · DEA

2.1
2.7
2.5
2.3
11.4
0.8
3.4
2.7
2.2
3.4
3.0
3.3
2.7
2.3
4.5
2.5
7.9
2.5
7.6

Empire State Realty OP, L.P. · ESBA

1.7
0.1
0.4
0.2
0.4
0.1
0.3
0.4
0.6
0.3
0.3
0.3
0.4
0.5
0.3
0.1

Highwoods Properties, Inc. · HIW

0.6
0.4
1.2
0.7
0.7
1.0
0.6
0.6
1.0
0.6
1.0
0.4
2.5
0.3
1.8
2.4
0.9
0.8

Kilroy Realty Corporation · KRC

1.4
1.2
1.6
1.1
0.6
0.8
0.6
0.6
0.7
1.0
0.8
0.7
0.9
0.8
0.9
0.5
0.3
1.4

Piedmont Realty Trust, Inc. · PDM

1.9
0.4
2.2
3.7
0.1

SL Green Realty Corp. · SLG

0.1
2.5
1.8
0.7
1.6
5.0
3.1
5.4
2.3
1.4
10.8

Vornado Realty Trust · VNO

1.3
2.0
0.9
2.3
1.7
2.6
0.7
0.8
0.2
1.5
0.9
0.8
0.1
4.3
0.7

P/BV · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Alexandria Real Estate Equities, Inc. · ARE

2.0
2.2
1.9
1.4
1.3
1.3
1.1
1.0
0.9
1.2
1.2
1.1
1.1
0.9
0.9
0.7
0.9
0.5
0.5

BXP, Inc. · BXP

3.0
3.1
3.5
2.4
1.9
1.7
1.4
1.5
1.6
1.9
1.8
1.7
2.2
2.2
2.0
2.0
2.4
2.1
1.6

COPT Defense Properties · CDP

1.9
1.9
1.9
1.8
1.6
1.7
1.6
1.5
1.8
1.9
1.8
1.9
2.3
2.3
2.1
2.1
2.2
2.1
2.3

Cousins Properties Incorporated · CUZ

1.3
1.3
1.3
1.0
0.8
0.8
0.7
0.8
0.7
0.8
0.8
0.8
1.0
1.1
1.0
1.1
1.0
0.9
0.8

Douglas Emmett, Inc. · DEI

2.3
2.4
2.3
1.6
1.2
1.1
0.9
0.9
0.9
1.1
1.1
1.0
1.4
1.5
1.3
1.3
1.3
1.0
0.8

Easterly Government Properties, Inc. · DEA

1.5
1.6
1.5
1.4
1.1
1.0
1.0
1.1
0.9
1.0
0.9
1.0
1.1
0.9
0.9
0.8
0.8
0.7
0.8

Empire State Realty OP, L.P. · ESBA

1.7
1.5
1.7
1.2
1.1
1.1
1.1
1.2
1.3
1.5
1.6
1.4
1.6
1.6
1.2
1.2
1.2
1.0
0.8

Highwoods Properties, Inc. · HIW

1.9
1.9
2.0
1.4
1.1
1.2
1.0
1.0
0.9
1.0
1.2
1.2
1.5
1.4
1.3
1.4
1.5
1.2
1.0

Kilroy Realty Corporation · KRC

1.4
1.4
1.6
1.1
0.9
0.8
0.7
0.7
0.7
0.9
0.8
0.7
0.9
0.9
0.7
0.8
0.9
0.8
0.6

Piedmont Realty Trust, Inc. · PDM

1.2
1.3
1.2
0.9
0.7
0.6
0.5
0.5
0.4
0.5
0.5
0.5
0.8
0.7
0.6
0.6
0.7
0.7
0.6

SL Green Realty Corp. · SLG

0.9
1.0
1.1
0.6
0.6
0.5
0.3
0.5
0.6
0.8
1.0
1.0
1.3
1.2
1.1
1.2
1.1
0.9
0.7
1.1

Vornado Realty Trust · VNO

1.3
1.3
1.4
0.9
0.7
0.7
0.5
0.6
0.7
1.0
1.0
0.9
1.4
1.6
1.3
1.2
1.3
1.1
0.8
08 · let price answer last

Market action

Postal Realty Trust, Inc. has the strongest one-year price move in REIT - Office at +72.8%. It also leads on Mansfield relative strength against the S&P 500 at +18.3%. 9 of 17 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This REIT - Office comparison names 6 specific ways its own evidence can mislead, all listed below. All 17 companies here report on comparable dates, so no rank carries a stale marker. 2 of the 7 ranked sections have fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
  • Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.
09 · the complete set

Which companies are included?

All 17 companies in the canonical REIT - Office membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentals
BXP, Inc. BXPAHEAD$12.5B$70.02026-07-28Mar 2026
Alexandria Real Estate Equities, Inc. AREAHEAD$9.4B$54.02026-07-28Mar 2026
Vornado Realty Trust VNOAHEAD$8.2B$40.12026-07-28Mar 2026
Cousins Properties Incorporated CUZAHEAD$5.2B$31.72026-07-28Mar 2026
Kilroy Realty Corporation KRCAHEAD$4.5B$38.72026-07-28Mar 2026
COPT Defense Properties CDPAHEAD18/26 WEEKS$4.4B$38.22026-07-28Mar 2026
SL Green Realty Corp. SLGAHEAD$4.1B$53.12026-07-28Jun 2026
Highwoods Properties, Inc. HIWAHEAD$3.8B$33.62026-07-28Mar 2026
Douglas Emmett, Inc. DEIAHEAD$2.5B$12.02026-07-28Mar 2026
Empire State Realty OP, L.P. ESBA$1.6B$5.62026-07-28Mar 2026
Easterly Government Properties, Inc. DEA$1.3B$25.22026-07-28Mar 2026
Piedmont Realty Trust, Inc. PDMAHEAD$1.2B$9.62026-07-28Mar 2026
Postal Realty Trust, Inc. PSTLAHEAD26/26 WEEKS$831M$23.72026-07-28Mar 2026
Hudson Pacific Properties, Inc. HPPAHEAD$781M$14.12026-07-28Mar 2026
Brandywine Realty Trust BDN$523M$3.02026-07-28Jun 2026
Net Lease Office Properties NLOP$179M$12.12026-07-28Mar 2026
Orion Properties Inc. ONL$150M$2.62026-07-28Mar 2026
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 17 REIT - Office companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers

REIT - Office company comparison FAQs

These 15 answers restate the REIT - Office comparison above in question form. Every one is computed from the same 17 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which REIT - Office company is the biggest?

BXP, Inc. is the largest, with trailing-twelve-month income of $3,489 million, ahead of Alexandria Real Estate Equities, Inc. at $2,939 million. That covers 15 of 17 companies with comparable reporting through Mar 2026.

Which REIT - Office company is growing fastest?

Postal Realty Trust, Inc. has the fastest income growth at 23.5% year on year, across 15 of 17 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which REIT - Office company makes the most profit?

Vornado Realty Trust earns the most, at $910 million of trailing-twelve-month net profit, from 15 of 17 comparable companies. BXP, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which REIT - Office company earns the highest return on capital?

Vornado Realty Trust leads on return on assets at 4.7%, across 17 of 17 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which REIT - Office stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Empire State Realty OP, L.P. screens cheapest at 0.11×. Only 9 of 17 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Is the REIT - Office sector beating the market?

REIT - Office has underperformed S&P 500 by 14.5% over the last 52 weeks and 12.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which REIT - Office stock has the strongest price momentum?

Postal Realty Trust, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which REIT - Office company scores highest for research priority?

Vornado Realty Trust scores 63.1 out of 100 with 64% evidence confidence, from 21.6 points on growth and earnings, 15.2 on capital efficiency, 9.8 on valuation and 16.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many REIT - Office companies does this comparison cover, and over what period?

It compares 17 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the REIT - Office sector?

The 17 REIT - Office companies on this page carry $61,111 million of combined market value. BXP, Inc. is the largest at $12,471 million, about 20% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the REIT - Office sector's P/B ratio?

The median price-to-book ratio across the 17 REIT - Office companies on this page is 0.8×, measured on the 17 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the REIT - Office sector performing?

9 of the 17 covered REIT - Office companies are beating S&P 500 on Mansfield relative strength. The sector itself is 14.5% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many REIT - Office stocks are listed in the US?

This comparison covers 17 listed REIT - Office companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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