# REIT - Office — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

REIT - Office has underperformed S&P 500 by 14.5% over 52 weeks and 12.7% 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 12.7% 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.

## Sector relative strength

REIT - Office has underperformed S&P 500 by 14.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.7%. 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 +15.2%.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: -15%
Stocks leading NIFTY: 9/17
Stocks leading sector: 9/17

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

Companies: 17
Combined market value: ₹61.1K Cr

## 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.

1. Vornado Realty Trust (VNO): 63/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 21.6/35 | Capital efficiency 15.2/25 | Valuation 9.8/20 | Relative strength 16.5/20
   - 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.
2. Postal Realty Trust, Inc. (PSTL): 63/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 26.7/35 | Capital efficiency 14.8/25 | Valuation 4.3/20 | Relative strength 17.0/20
   - 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.
3. COPT Defense Properties (CDP): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.1/35 | Capital efficiency 15.9/25 | Valuation 5.4/20 | Relative strength 15.0/20
   - 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.
4. Highwoods Properties, Inc. (HIW): 50/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.1/35 | Capital efficiency 12.8/25 | Valuation 6.6/20 | Relative strength 19.2/20
   - 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.
5. BXP, Inc. (BXP): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 21.2/35 | Capital efficiency 13.4/25 | Valuation 5.0/20 | Relative strength 8.7/20
   - 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.
6. Cousins Properties Incorporated (CUZ): 46/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 12.6/35 | Capital efficiency 7.5/25 | Valuation 9.8/20 | Relative strength 16.3/20
   - 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.
7. Easterly Government Properties, Inc. (DEA): 45/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 18.0/35 | Capital efficiency 11.3/25 | Valuation 4.4/20 | Relative strength 10.9/20
   - 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.
8. Empire State Realty OP, L.P. (ESBA): 44/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 14.3/35 | Capital efficiency 17.8/25 | Valuation 8.6/20 | Relative strength 3.6/20
   - 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.
9. Kilroy Realty Corporation (KRC): 40/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 15.4/35 | Capital efficiency 10.6/25 | Valuation 9.8/20 | Relative strength 4.5/20
   - Exact sum: 15.4 + 10.6 + 9.8 + 4.5 = 40.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. SL Green Realty Corp. (SLG): 39/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 14.2/35 | Capital efficiency 7.7/25 | Valuation 3.4/20 | Relative strength 13.7/20
   - 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.
11. Net Lease Office Properties (NLOP): 37/100 — Mixed-negative evidence; evidence 61%
   - Growth & earnings 14.0/35 | Capital efficiency 11.5/25 | Valuation 8.3/20 | Relative strength 3.0/20
   - 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.
12. Alexandria Real Estate Equities, Inc. (ARE): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 11.4/35 | Capital efficiency 9.2/25 | Valuation 8.6/20 | Relative strength 7.2/20
   - 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.
13. Douglas Emmett, Inc. (DEI): 33/100 — Adverse evidence; evidence 64%
   - Growth & earnings 12.0/35 | Capital efficiency 7.5/25 | Valuation 9.8/20 | Relative strength 3.6/20
   - 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.
14. Piedmont Realty Trust, Inc. (PDM): 47/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 15.8/35 | Capital efficiency 6.8/25 | Valuation 9.8/20 | Relative strength 14.4/20
   - 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. Hudson Pacific Properties, Inc. (HPP): 45/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 17.3/35 | Capital efficiency 4.9/25 | Valuation 9.8/20 | Relative strength 12.5/20
   - 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.
16. Brandywine Realty Trust (BDN): 44/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 21.9/35 | Capital efficiency 8.0/25 | Valuation 9.8/20 | Relative strength 4.1/20
   - 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.
17. Orion Properties Inc. (ONL): 32/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 12.1/35 | Capital efficiency 4.0/25 | Valuation 9.8/20 | Relative strength 6.1/20
   - Exact sum: 12.1 + 4 + 9.8 + 6.1 = 32
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

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.

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.

Evidence: BXP, Inc. · $3,489 million | 18.7% versus #2 · Alexandria Real Estate Equities, Inc. | 8/8 recent comparable periods | 15/17 companies · 317 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. BXP, Inc. (BXP): ₹3.5K Cr
2. Alexandria Real Estate Equities, Inc. (ARE): ₹2.9K Cr
3. Vornado Realty Trust (VNO): ₹1.8K Cr
4. Kilroy Realty Corporation (KRC): ₹1.1K Cr
5. Cousins Properties Incorporated (CUZ): ₹1.0K Cr

### Income growth — fastest growers
1. Postal Realty Trust, Inc. (PSTL): 24%
2. Easterly Government Properties, Inc. (DEA): 13%
3. Cousins Properties Incorporated (CUZ): 12%
4. COPT Defense Properties (CDP): 4.0%
5. BXP, Inc. (BXP): 1.6%

### 20-quarter Income history
- BXP: Sep 2021 ₹730 Cr | Dec 2021 ₹731 Cr | Mar 2022 ₹754 Cr | Jun 2022 ₹774 Cr | Sep 2022 ₹791 Cr | Dec 2022 ₹790 Cr | Mar 2023 ₹803 Cr | Jun 2023 ₹817 Cr | Sep 2023 ₹824 Cr | Dec 2023 ₹829 Cr | Mar 2024 ₹839 Cr | Jun 2024 ₹850 Cr | Sep 2024 ₹859 Cr | Dec 2024 ₹859 Cr | Mar 2025 ₹865 Cr | Jun 2025 ₹868 Cr | Sep 2025 ₹872 Cr | Dec 2025 ₹877 Cr | Mar 2026 ₹872 Cr | Jun 2026 —
- ARE: Sep 2021 ₹548 Cr | Dec 2021 ₹577 Cr | Mar 2022 ₹615 Cr | Jun 2022 ₹644 Cr | Sep 2022 ₹660 Cr | Dec 2022 ₹670 Cr | Mar 2023 ₹701 Cr | Jun 2023 ₹714 Cr | Sep 2023 ₹714 Cr | Dec 2023 ₹757 Cr | Mar 2024 ₹769 Cr | Jun 2024 ₹767 Cr | Sep 2024 ₹792 Cr | Dec 2024 ₹789 Cr | Mar 2025 ₹758 Cr | Jun 2025 ₹762 Cr | Sep 2025 ₹752 Cr | Dec 2025 ₹754 Cr | Mar 2026 ₹671 Cr | Jun 2026 —
- VNO: Sep 2021 ₹409 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹442 Cr | Jun 2022 ₹453 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹447 Cr | Mar 2023 ₹446 Cr | Jun 2023 ₹472 Cr | Sep 2023 ₹451 Cr | Dec 2023 ₹442 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹450 Cr | Sep 2024 ₹443 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹462 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹454 Cr | Dec 2025 ₹454 Cr | Mar 2026 ₹459 Cr | Jun 2026 —
- CUZ: Sep 2021 ₹189 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹187 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹195 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹199 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹209 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹240 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹263 Cr | Jun 2026 —
- KRC: Sep 2021 ₹232 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹284 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹284 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹269 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹286 Cr | Mar 2025 ₹271 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹272 Cr | Mar 2026 ₹270 Cr | Jun 2026 —
- CDP: Sep 2021 ₹167 Cr | Dec 2021 ₹186 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹169 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹201 Cr | Jun 2026 —
- SLG: Sep 2021 ₹205 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹201 Cr | Sep 2022 ₹212 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹212 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹230 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹253 Cr | Jun 2026 —
- HIW: Sep 2021 ₹195 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹204 Cr | Sep 2022 ₹207 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹213 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹207 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹206 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹202 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹214 Cr | Jun 2026 —
- DEI: Sep 2021 ₹238 Cr | Dec 2021 ₹239 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹247 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹254 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹252 Cr | Jun 2025 ₹252 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹251 Cr | Jun 2026 —
- ESBA: Sep 2021 ₹165 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹192 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹180 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹190 Cr | Jun 2026 —
- DEA: Sep 2021 ₹70 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹73 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹92 Cr | Jun 2026 —
- PDM: Sep 2021 ₹131 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹143 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹140 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹143 Cr | Mar 2026 ₹143 Cr | Jun 2026 —
- PSTL: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- HPP: Sep 2021 ₹228 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹245 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹256 Cr | Mar 2026 ₹182 Cr | Jun 2026 —
- BDN: Sep 2021 ₹120 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹126 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹126 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹127 Cr | Jun 2026 —
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ONL: Sep 2021 ₹13 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹36 Cr | Jun 2026 —

### 20-quarter Income growth history
- BXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.4% | Sep 2022 8.4% | Dec 2022 8.1% | Mar 2023 6.5% | Jun 2023 5.6% | Sep 2023 4.2% | Dec 2023 4.9% | Mar 2024 4.5% | Jun 2024 4.0% | Sep 2024 4.3% | Dec 2024 3.6% | Mar 2025 3.1% | Jun 2025 2.1% | Sep 2025 1.5% | Dec 2025 2.1% | Mar 2026 0.8% | Jun 2026 —
- ARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 20% | Dec 2022 16% | Mar 2023 14% | Jun 2023 11% | Sep 2023 8.2% | Dec 2023 13% | Mar 2024 9.7% | Jun 2024 7.4% | Sep 2024 11% | Dec 2024 4.2% | Mar 2025 -1.4% | Jun 2025 -0.7% | Sep 2025 -5.1% | Dec 2025 -4.4% | Mar 2026 -11% | Jun 2026 —
- VNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 12% | Dec 2022 6.2% | Mar 2023 0.9% | Jun 2023 4.2% | Sep 2023 -1.3% | Dec 2023 -1.1% | Mar 2024 -2.2% | Jun 2024 -4.7% | Sep 2024 -1.8% | Dec 2024 3.6% | Mar 2025 6.0% | Jun 2025 -2.0% | Sep 2025 2.5% | Dec 2025 -0.9% | Mar 2026 -0.7% | Jun 2026 —
- CUZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 3.2% | Dec 2022 2.6% | Mar 2023 8.6% | Jun 2023 9.7% | Sep 2023 2.1% | Dec 2023 1.0% | Mar 2024 3.0% | Jun 2024 4.4% | Sep 2024 5.0% | Dec 2024 14% | Mar 2025 20% | Jun 2025 13% | Sep 2025 19% | Dec 2025 13% | Mar 2026 5.2% | Jun 2026 —
- KRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 19% | Dec 2022 8.8% | Mar 2023 10% | Jun 2023 4.8% | Sep 2023 2.9% | Dec 2023 -5.3% | Mar 2024 -4.8% | Jun 2024 -1.1% | Sep 2024 2.1% | Dec 2024 6.3% | Mar 2025 -2.9% | Jun 2025 3.2% | Sep 2025 -3.5% | Dec 2025 -4.9% | Mar 2026 -0.4% | Jun 2026 —
- CDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 9.6% | Dec 2022 -5.9% | Mar 2023 -14% | Jun 2023 -9.1% | Sep 2023 -7.7% | Dec 2023 2.9% | Mar 2024 15% | Jun 2024 11% | Sep 2024 12% | Dec 2024 1.7% | Mar 2025 -2.6% | Jun 2025 1.6% | Sep 2025 0.0% | Dec 2025 7.7% | Mar 2026 6.9% | Jun 2026 —
- SLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.8% | Sep 2022 3.4% | Dec 2022 6.1% | Mar 2023 31% | Jun 2023 22% | Sep 2023 -0.9% | Dec 2023 -5.8% | Mar 2024 -24% | Jun 2024 -9.4% | Sep 2024 9.5% | Dec 2024 16% | Mar 2025 28% | Jun 2025 8.5% | Sep 2025 6.5% | Dec 2025 12% | Mar 2026 5.4% | Jun 2026 —
- HIW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.7% | Sep 2022 6.2% | Dec 2022 4.4% | Mar 2023 3.4% | Jun 2023 1.5% | Sep 2023 0.0% | Dec 2023 -2.4% | Mar 2024 -0.9% | Jun 2024 -1.0% | Sep 2024 -1.5% | Dec 2024 -0.5% | Mar 2025 -5.2% | Jun 2025 -2.0% | Sep 2025 -1.0% | Dec 2025 -1.5% | Mar 2026 7.0% | Jun 2026 —
- DEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.8% | Sep 2022 6.7% | Dec 2022 6.3% | Mar 2023 5.4% | Jun 2023 2.4% | Sep 2023 0.4% | Dec 2023 2.0% | Mar 2024 -2.8% | Jun 2024 -2.8% | Sep 2024 -1.6% | Dec 2024 -5.4% | Mar 2025 2.9% | Jun 2025 2.4% | Sep 2025 0.0% | Dec 2025 1.6% | Mar 2026 -0.4% | Jun 2026 —
- ESBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 12% | Dec 2022 13% | Mar 2023 0.6% | Jun 2023 -3.5% | Sep 2023 4.4% | Dec 2023 6.6% | Mar 2024 9.7% | Jun 2024 -0.5% | Sep 2024 4.2% | Dec 2024 2.6% | Mar 2025 -0.6% | Jun 2025 0.5% | Sep 2025 -1.0% | Dec 2025 0.5% | Mar 2026 5.6% | Jun 2026 —
- DEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.8% | Sep 2022 7.1% | Dec 2022 2.8% | Mar 2023 -1.4% | Jun 2023 -2.7% | Sep 2023 -4.0% | Dec 2023 -1.4% | Mar 2024 2.8% | Jun 2024 7.0% | Sep 2024 4.2% | Dec 2024 6.9% | Mar 2025 8.2% | Jun 2025 11% | Sep 2025 15% | Dec 2025 12% | Mar 2026 16% | Jun 2026 —
- PDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.6% | Sep 2022 9.9% | Dec 2022 6.5% | Mar 2023 4.4% | Jun 2023 5.2% | Sep 2023 2.1% | Dec 2023 -1.4% | Mar 2024 2.1% | Jun 2024 0.0% | Sep 2024 -5.4% | Dec 2024 -1.4% | Mar 2025 -1.4% | Jun 2025 -2.1% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- PSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 27% | Dec 2022 36% | Mar 2023 25% | Jun 2023 15% | Sep 2023 14% | Dec 2023 13% | Mar 2024 13% | Jun 2024 20% | Sep 2024 25% | Dec 2024 24% | Mar 2025 29% | Jun 2025 28% | Sep 2025 20% | Dec 2025 24% | Mar 2026 23% | Jun 2026 —
- HPP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 14% | Dec 2022 13% | Mar 2023 2.9% | Jun 2023 -2.4% | Sep 2023 -11% | Dec 2023 -17% | Mar 2024 -15% | Jun 2024 -11% | Sep 2024 -13% | Dec 2024 -5.8% | Mar 2025 -7.5% | Jun 2025 -13% | Sep 2025 -6.5% | Dec 2025 22% | Mar 2026 -8.1% | Jun 2026 —
- BDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 5.0% | Dec 2022 2.4% | Mar 2023 0.8% | Jun 2023 1.6% | Sep 2023 2.4% | Dec 2023 0.8% | Mar 2024 -2.3% | Jun 2024 -0.8% | Sep 2024 2.3% | Dec 2024 -6.2% | Mar 2025 -3.2% | Jun 2025 -3.2% | Sep 2025 -8.3% | Dec 2025 -0.8% | Mar 2026 4.1% | Jun 2026 —
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.3% | Jun 2024 -9.3% | Sep 2024 -28% | Dec 2024 -39% | Mar 2025 -34% | Jun 2025 -26% | Sep 2025 -3.2% | Dec 2025 11% | Mar 2026 -69% | Jun 2026 —
- ONL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 308% | Sep 2022 300% | Dec 2022 22% | Mar 2023 -5.7% | Jun 2023 -1.9% | Sep 2023 -5.8% | Dec 2023 -12% | Mar 2024 -6.0% | Jun 2024 -23% | Sep 2024 -20% | Dec 2024 -14% | Mar 2025 -19% | Jun 2025 -7.5% | Sep 2025 -5.1% | Dec 2025 -7.9% | Mar 2026 -5.3% | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Vornado Realty Trust · $910 million | 111.6% versus #2 · BXP, Inc. | 2/8 recent comparable periods | 15/17 companies · 317 observations

Definition: 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 profit — largest
1. Vornado Realty Trust (VNO): ₹910 Cr
2. BXP, Inc. (BXP): ₹430 Cr
3. Kilroy Realty Corporation (KRC): ₹260 Cr
4. COPT Defense Properties (CDP): ₹163 Cr
5. Highwoods Properties, Inc. (HIW): ₹100 Cr

### Profit growth — fastest growers
1. BXP, Inc. (BXP): 100%
2. Vornado Realty Trust (VNO): 100%
3. Postal Realty Trust, Inc. (PSTL): 91%
4. Kilroy Realty Corporation (KRC): 20%
5. COPT Defense Properties (CDP): 12%

### 20-quarter Net profit history
- BXP: Sep 2021 ₹139 Cr | Dec 2021 ₹223 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹421 Cr | Dec 2022 ₹156 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹-104 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹-238 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹119 Cr | Sep 2025 ₹-117 Cr | Dec 2025 ₹295 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- ARE: Sep 2021 ₹124 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹-117 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹-43 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹-62 Cr | Sep 2025 ₹-198 Cr | Dec 2025 ₹-995 Cr | Mar 2026 ₹398 Cr | Jun 2026 —
- VNO: Sep 2021 ₹72 Cr | Dec 2021 ₹-8 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹427 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹-19 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- CUZ: Sep 2021 ₹54 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-25 Cr | Jun 2026 —
- KRC: Sep 2021 ₹53 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹-15 Cr | Jun 2026 —
- CDP: Sep 2021 ₹29 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹-221 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- SLG: Sep 2021 ₹416 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹-54 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-379 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-121 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹-104 Cr | Mar 2026 ₹-60 Cr | Jun 2026 —
- HIW: Sep 2021 ₹76 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- DEI: Sep 2021 ₹16 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-56 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- ESBA: Sep 2021 ₹-11 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- DEA: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- PDM: Sep 2021 ₹11 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-13 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —
- PSTL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- HPP: Sep 2021 ₹-6 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-15 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-89 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-173 Cr | Mar 2025 ₹-80 Cr | Jun 2025 ₹-88 Cr | Sep 2025 ₹-144 Cr | Dec 2025 ₹-280 Cr | Mar 2026 ₹-51 Cr | Jun 2026 —
- BDN: Sep 2021 ₹14 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-51 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-59 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-142 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-40 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- ONL: Sep 2021 ₹-1 Cr | Dec 2021 ₹-55 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-33 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-36 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 89% | Sep 2022 203% | Dec 2022 -30% | Mar 2023 -40% | Jun 2023 -49% | Sep 2023 -125% | Dec 2023 -1.9% | Mar 2024 0.9% | Jun 2024 -21% | Sep 2024 — | Dec 2024 -256% | Mar 2025 -19% | Jun 2025 11% | Sep 2025 -208% | Dec 2025 — | Mar 2026 53% | Jun 2026 —
- ARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 209% | Dec 2022 -5.0% | Mar 2023 — | Jun 2023 -57% | Sep 2023 -82% | Dec 2023 -145% | Mar 2024 80% | Jun 2024 -30% | Sep 2024 215% | Dec 2024 — | Mar 2025 -82% | Jun 2025 -166% | Sep 2025 -193% | Dec 2025 — | Mar 2026 921% | Jun 2026 —
- VNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -72% | Dec 2022 — | Mar 2023 -79% | Jun 2023 -8.7% | Sep 2023 200% | Dec 2023 1,542% | Mar 2024 -155% | Jun 2024 -37% | Sep 2024 -132% | Dec 2024 -73% | Mar 2025 — | Jun 2025 1,933% | Sep 2025 — | Dec 2025 -12% | Mar 2026 -122% | Jun 2026 —
- CUZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 50% | Dec 2022 -86% | Mar 2023 -21% | Jun 2023 -32% | Sep 2023 -77% | Dec 2023 -21% | Mar 2024 -41% | Jun 2024 -65% | Sep 2024 -42% | Dec 2024 -26% | Mar 2025 62% | Jun 2025 88% | Sep 2025 -18% | Dec 2025 -121% | Mar 2026 -219% | Jun 2026 —
- KRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 64% | Dec 2022 -12% | Mar 2023 10% | Jun 2023 13% | Sep 2023 -32% | Dec 2023 -12% | Mar 2024 -14% | Jun 2024 -9.8% | Sep 2024 -1.7% | Dec 2024 15% | Mar 2025 -21% | Jun 2025 45% | Sep 2025 179% | Dec 2025 -45% | Mar 2026 -134% | Jun 2026 —
- CDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 10% | Dec 2022 247% | Mar 2023 31% | Jun 2023 -5.9% | Sep 2023 -791% | Dec 2023 -33% | Mar 2024 -58% | Jun 2024 13% | Sep 2024 — | Dec 2024 2.9% | Mar 2025 5.9% | Jun 2025 11% | Sep 2025 19% | Dec 2025 8.3% | Mar 2026 11% | Jun 2026 —
- SLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -112% | Sep 2022 -90% | Dec 2022 -345% | Mar 2023 -215% | Jun 2023 — | Sep 2023 -129% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -58% | Jun 2025 163% | Sep 2025 — | Dec 2025 -647% | Mar 2026 -645% | Jun 2026 —
- HIW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -47% | Dec 2022 -78% | Mar 2023 7.1% | Jun 2023 -17% | Sep 2023 -43% | Dec 2023 34% | Mar 2024 -40% | Jun 2024 48% | Sep 2024 -35% | Dec 2024 -108% | Mar 2025 270% | Jun 2025 -71% | Sep 2025 -6.7% | Dec 2025 — | Mar 2026 -67% | Jun 2026 —
- DEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -52% | Sep 2022 31% | Dec 2022 32% | Mar 2023 -38% | Jun 2023 -163% | Sep 2023 -200% | Dec 2023 -324% | Mar 2024 -63% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 650% | Jun 2025 -267% | Sep 2025 — | Dec 2025 — | Mar 2026 -129% | Jun 2026 —
- ESBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,467% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -23% | Sep 2023 111% | Dec 2023 -29% | Mar 2024 -18% | Jun 2024 -22% | Sep 2024 16% | Dec 2024 20% | Mar 2025 67% | Jun 2025 -64% | Sep 2025 -41% | Dec 2025 72% | Mar 2026 -87% | Jun 2026 —
- DEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -89% | Dec 2022 125% | Mar 2023 -50% | Jun 2023 -25% | Sep 2023 500% | Dec 2023 -72% | Mar 2024 25% | Jun 2024 -17% | Sep 2024 -17% | Dec 2024 20% | Mar 2025 -40% | Jun 2025 -20% | Sep 2025 -80% | Dec 2025 -17% | Mar 2026 -67% | Jun 2026 —
- PDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -73% | Dec 2022 — | Mar 2023 -102% | Jun 2023 -125% | Sep 2023 -667% | Dec 2023 -137% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 100% | Mar 2023 -100% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 -50% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 500% | Mar 2025 — | Jun 2025 400% | Sep 2025 400% | Dec 2025 0.0% | Mar 2026 67% | Jun 2026 —
- HPP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -43% | Sep 2022 — | Dec 2022 -135% | Mar 2023 — | Jun 2023 -875% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 86% | Dec 2022 231% | Mar 2023 -53% | Jun 2023 -87% | Sep 2023 -100% | Dec 2023 -219% | Mar 2024 57% | Jun 2024 2,850% | Sep 2024 — | Dec 2024 — | Mar 2025 -155% | Jun 2025 -200% | Sep 2025 -88% | Dec 2025 -129% | Mar 2026 — | Jun 2026 —
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -800% | Jun 2024 200% | Sep 2024 -1,433% | Dec 2024 — | Mar 2025 — | Jun 2025 -783% | Sep 2025 — | Dec 2025 — | Mar 2026 2,400% | Jun 2026 —
- ONL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -500% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Funding Base & Its Composition

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

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.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: 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.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. BXP, Inc. (BXP): ₹16.4K Cr
2. Alexandria Real Estate Equities, Inc. (ARE): ₹12.5K Cr
3. Vornado Realty Trust (VNO): ₹8.4K Cr
4. SL Green Realty Corp. (SLG): ₹6.3K Cr
5. Douglas Emmett, Inc. (DEI): ₹5.6K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- BXP: Sep 2021 ₹13.8K Cr | Dec 2021 ₹13.3K Cr | Mar 2022 ₹13.5K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹14.3K Cr | Dec 2022 ₹14.7K Cr | Mar 2023 ₹15.2K Cr | Jun 2023 ₹15.9K Cr | Sep 2023 ₹15.6K Cr | Dec 2023 ₹16.6K Cr | Mar 2024 ₹16.2K Cr | Jun 2024 ₹16.1K Cr | Sep 2024 ₹17.0K Cr | Dec 2024 ₹17.0K Cr | Mar 2025 ₹16.4K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹17.3K Cr | Dec 2025 ₹17.4K Cr | Mar 2026 ₹16.4K Cr | Jun 2026 —
- ARE: Sep 2021 ₹9.3K Cr | Dec 2021 ₹8.8K Cr | Mar 2022 ₹10.3K Cr | Jun 2022 ₹10.3K Cr | Sep 2022 ₹10.5K Cr | Dec 2022 ₹10.2K Cr | Mar 2023 ₹11.5K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹11.2K Cr | Dec 2023 ₹11.3K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹12.4K Cr | Sep 2024 ₹12.7K Cr | Dec 2024 ₹12.2K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.3K Cr | Sep 2025 ₹13.6K Cr | Dec 2025 ₹12.4K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 —
- VNO: Sep 2021 ₹9.0K Cr | Dec 2021 ₹9.0K Cr | Mar 2022 ₹9.3K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹9.1K Cr | Dec 2022 ₹9.1K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹9.0K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹9.0K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹9.0K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹7.9K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- CUZ: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- KRC: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- CDP: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- SLG: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹4.8K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹6.3K Cr
- HIW: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- DEI: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- ESBA: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- DEA: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- PDM: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- PSTL: Sep 2021 ₹127 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹122 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹188 Cr | Dec 2022 ₹197 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹232 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹274 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹347 Cr | Dec 2025 ₹361 Cr | Mar 2026 ₹386 Cr | Jun 2026 —
- HPP: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.9K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- BDN: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹276 Cr | Dec 2022 ₹276 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹542 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹327 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- ONL: Sep 2021 ₹617 Cr | Dec 2021 ₹617 Cr | Mar 2022 ₹615 Cr | Jun 2022 ₹596 Cr | Sep 2022 ₹556 Cr | Dec 2022 ₹526 Cr | Mar 2023 ₹526 Cr | Jun 2023 ₹528 Cr | Sep 2023 ₹528 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹469 Cr | Jun 2024 ₹460 Cr | Sep 2024 ₹483 Cr | Dec 2024 ₹490 Cr | Mar 2025 ₹503 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹482 Cr | Dec 2025 ₹464 Cr | Mar 2026 ₹494 Cr | Jun 2026 —

## Return On Assets

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

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.

Evidence: Vornado Realty Trust · 4.7% | 123.8% versus #2 · Empire State Realty OP, L.P. | 2/8 recent comparable periods | 17/17 companies · 319 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Vornado Realty Trust (VNO): 4.7%
2. Empire State Realty OP, L.P. (ESBA): 2.1%
3. COPT Defense Properties (CDP): 1.3%
4. Postal Realty Trust, Inc. (PSTL): 1.3%
5. BXP, Inc. (BXP): 0.9%

### ROA change — fastest improvers
1. Brandywine Realty Trust (BDN): +1.8 pp
2. Vornado Realty Trust (VNO): +1.6 pp
3. Postal Realty Trust, Inc. (PSTL): +0.3 pp
4. Hudson Pacific Properties, Inc. (HPP): +0.1 pp
5. Alexandria Real Estate Equities, Inc. (ARE): 0.0 pp

### 20-quarter ROA history
- BXP: Sep 2021 1.1% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.1% | Dec 2023 1.0% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 0.9% | Jun 2026 —
- ARE: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.5% | Jun 2023 0.0% | Sep 2023 0.5% | Dec 2023 -0.2% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.0% | Mar 2025 0.3% | Jun 2025 0.1% | Sep 2025 -0.5% | Dec 2025 -4.3% | Mar 2026 0.3% | Jun 2026 —
- VNO: Sep 2021 0.5% | Dec 2021 -1.2% | Mar 2022 0.4% | Jun 2022 2.1% | Sep 2022 -0.7% | Dec 2022 0.2% | Mar 2023 0.3% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 2.7% | Mar 2024 -4.8% | Jun 2024 -0.9% | Sep 2024 -1.5% | Dec 2024 0.4% | Mar 2025 3.1% | Jun 2025 -1.0% | Sep 2025 -1.7% | Dec 2025 0.4% | Mar 2026 4.7% | Jun 2026 —
- CUZ: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.6% | Jun 2023 0.6% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.5% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.6% | Dec 2025 0.6% | Mar 2026 0.3% | Jun 2026 —
- KRC: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.8% | Jun 2022 0.7% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.8% | Jun 2023 0.8% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.7% | Dec 2024 0.8% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.6% | Jun 2026 —
- CDP: Sep 2021 1.0% | Dec 2021 1.3% | Mar 2022 1.0% | Jun 2022 1.1% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 1.1% | Jun 2023 1.1% | Sep 2023 -4.8% | Dec 2023 1.2% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.3% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- SLG: Sep 2021 0.5% | Dec 2021 0.5% | Mar 2022 0.3% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 0.3% | Mar 2023 0.1% | Jun 2023 0.4% | Sep 2023 0.2% | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.4% | Sep 2024 -0.3% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.8% | Sep 2025 0.1% | Dec 2025 0.4% | Mar 2026 0.2% | Jun 2026 0.3%
- HIW: Sep 2021 1.1% | Dec 2021 1.1% | Mar 2022 1.1% | Jun 2022 0.5% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 1.1% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 0.4% | Mar 2025 0.9% | Jun 2025 0.9% | Sep 2025 0.7% | Dec 2025 0.9% | Mar 2026 0.8% | Jun 2026 —
- DEI: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.5% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —
- ESBA: Sep 2021 1.6% | Dec 2021 0.8% | Mar 2022 1.7% | Jun 2022 0.4% | Sep 2022 2.7% | Dec 2022 2.1% | Mar 2023 2.3% | Jun 2023 1.1% | Sep 2023 2.8% | Dec 2023 2.5% | Mar 2024 2.4% | Jun 2024 1.8% | Sep 2024 2.3% | Dec 2024 2.6% | Mar 2025 2.4% | Jun 2025 1.5% | Sep 2025 2.1% | Dec 2025 2.4% | Mar 2026 2.1% | Jun 2026 —
- DEA: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.6% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.6% | Jun 2026 —
- PDM: Sep 2021 0.6% | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.3% | Dec 2023 0.0% | Mar 2024 0.1% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 0.0% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —
- PSTL: Sep 2021 0.0% | Dec 2021 0.5% | Mar 2022 0.3% | Jun 2022 0.6% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 0.5% | Jun 2023 0.7% | Sep 2023 0.7% | Dec 2023 0.7% | Mar 2024 0.5% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 1.5% | Mar 2025 1.0% | Jun 2025 1.3% | Sep 2025 1.4% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 —
- HPP: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.3% | Jun 2023 0.2% | Sep 2023 0.0% | Dec 2023 -0.2% | Mar 2024 -0.1% | Jun 2024 0.0% | Sep 2024 -0.2% | Dec 2024 -0.2% | Mar 2025 -0.3% | Jun 2025 -0.5% | Sep 2025 -0.3% | Dec 2025 0.6% | Mar 2026 -0.2% | Jun 2026 —
- BDN: Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.7% | Jun 2022 0.6% | Sep 2022 0.7% | Dec 2022 0.5% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 -2.3% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 -0.3% | Dec 2024 0.5% | Mar 2025 0.3% | Jun 2025 -1.2% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.0% | Jun 2026 0.6%
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.9% | Dec 2023 -4.2% | Mar 2024 1.6% | Jun 2024 0.5% | Sep 2024 -2.5% | Dec 2024 -2.9% | Mar 2025 0.8% | Jun 2025 -8.7% | Sep 2025 -5.5% | Dec 2025 1.8% | Mar 2026 0.6% | Jun 2026 —
- ONL: Sep 2021 0.2% | Dec 2021 -4.5% | Mar 2022 -0.2% | Jun 2022 -0.7% | Sep 2022 -2.7% | Dec 2022 -0.8% | Mar 2023 -0.1% | Jun 2023 -0.5% | Sep 2023 -0.6% | Dec 2023 -0.6% | Mar 2024 -1.2% | Jun 2024 -1.7% | Sep 2024 -0.1% | Dec 2024 -1.8% | Mar 2025 -0.1% | Jun 2025 -1.4% | Sep 2025 -4.9% | Dec 2025 -1.1% | Mar 2026 -0.3% | Jun 2026 —

### 20-quarter ROA change history
- BXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.1 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- ARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.5 pp | Sep 2023 +0.1 pp | Dec 2023 −0.6 pp | Mar 2024 +0.1 pp | Jun 2024 +0.5 pp | Sep 2024 +0.1 pp | Dec 2024 +0.2 pp | Mar 2025 −0.3 pp | Jun 2025 −0.4 pp | Sep 2025 −1.1 pp | Dec 2025 −4.3 pp | Mar 2026 0.0 pp | Jun 2026 —
- VNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +1.4 pp | Mar 2023 −0.1 pp | Jun 2023 −1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +2.5 pp | Mar 2024 −5.1 pp | Jun 2024 −1.5 pp | Sep 2024 −1.8 pp | Dec 2024 −2.3 pp | Mar 2025 +7.9 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 +1.6 pp | Jun 2026 —
- CUZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −0.4 pp | Jun 2026 —
- KRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.1 pp | Jun 2026 —
- CDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.2 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 −5.9 pp | Dec 2023 +0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +6.1 pp | Dec 2024 +0.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- SLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.2 pp | Mar 2023 −0.2 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.5 pp | Dec 2024 +0.4 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 −0.5 pp
- HIW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 0.0 pp | Jun 2023 +0.5 pp | Sep 2023 −0.1 pp | Dec 2023 −0.2 pp | Mar 2024 −0.2 pp | Jun 2024 0.0 pp | Sep 2024 −0.1 pp | Dec 2024 −0.4 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- DEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.3 pp | Sep 2023 −0.3 pp | Dec 2023 −0.4 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ESBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.3 pp | Mar 2023 +0.6 pp | Jun 2023 +0.7 pp | Sep 2023 +0.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.7 pp | Sep 2024 −0.5 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- DEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.1 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 —
- PDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 0.0 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.2 pp | Dec 2023 −0.5 pp | Mar 2024 −0.4 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +0.5 pp | Mar 2026 0.0 pp | Jun 2026 —
- PSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.5 pp | Jun 2025 +0.6 pp | Sep 2025 +0.6 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- HPP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.4 pp | Sep 2023 −0.4 pp | Dec 2023 −0.6 pp | Mar 2024 −0.4 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 −0.5 pp | Sep 2025 −0.1 pp | Dec 2025 +0.8 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 −0.3 pp | Dec 2023 −2.8 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −0.7 pp | Dec 2024 +2.8 pp | Mar 2025 −0.3 pp | Jun 2025 −1.7 pp | Sep 2025 +1.0 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 +1.8 pp
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.9 pp | Dec 2023 −4.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −3.4 pp | Dec 2024 +1.3 pp | Mar 2025 −0.8 pp | Jun 2025 −9.2 pp | Sep 2025 −3.0 pp | Dec 2025 +4.7 pp | Mar 2026 −0.2 pp | Jun 2026 —
- ONL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 +3.7 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 +2.1 pp | Dec 2023 +0.2 pp | Mar 2024 −1.1 pp | Jun 2024 −1.2 pp | Sep 2024 +0.5 pp | Dec 2024 −1.2 pp | Mar 2025 +1.1 pp | Jun 2025 +0.3 pp | Sep 2025 −4.8 pp | Dec 2025 +0.7 pp | Mar 2026 −0.2 pp | Jun 2026 —

## ROE — Leaders & Improvers

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.

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.

Evidence: Empire State Realty OP, L.P. · 7.1% | 7.6% versus #2 · Net Lease Office Properties | 4/8 recent comparable periods | 17/17 companies · 319 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Empire State Realty OP, L.P. (ESBA): 7.1%
2. Net Lease Office Properties (NLOP): 6.6%
3. COPT Defense Properties (CDP): 2.5%
4. Alexandria Real Estate Equities, Inc. (ARE): 1.9%
5. BXP, Inc. (BXP): 1.7%

### ROE change — fastest improvers
1. Net Lease Office Properties (NLOP): +6.5 pp
2. Brandywine Realty Trust (BDN): +3.6 pp
3. Empire State Realty OP, L.P. (ESBA): +2.9 pp
4. Alexandria Real Estate Equities, Inc. (ARE): +1.7 pp
5. Hudson Pacific Properties, Inc. (HPP): +0.9 pp

### 20-quarter ROE history
- BXP: Sep 2021 1.7% | Dec 2021 2.7% | Mar 2022 2.2% | Jun 2022 3.3% | Sep 2022 5.1% | Dec 2022 1.9% | Mar 2023 1.3% | Jun 2023 1.7% | Sep 2023 -1.3% | Dec 2023 1.8% | Mar 2024 1.3% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 -2.9% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 -1.5% | Dec 2025 3.8% | Mar 2026 1.7% | Jun 2026 —
- ARE: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 -0.7% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 0.5% | Mar 2023 0.6% | Jun 2023 0.6% | Sep 2023 0.3% | Dec 2023 -0.2% | Mar 2024 1.0% | Jun 2024 0.4% | Sep 2024 0.9% | Dec 2024 -0.1% | Mar 2025 0.2% | Jun 2025 -0.3% | Sep 2025 -0.9% | Dec 2025 -4.8% | Mar 2026 1.9% | Jun 2026 —
- VNO: Sep 2021 1.0% | Dec 2021 -0.1% | Mar 2022 0.7% | Jun 2022 1.0% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 0.2% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 6.6% | Mar 2024 -0.1% | Jun 2024 0.6% | Sep 2024 -0.3% | Dec 2024 1.8% | Mar 2025 1.6% | Jun 2025 12% | Sep 2025 0.3% | Dec 2025 1.5% | Mar 2026 -0.3% | Jun 2026 —
- CUZ: Sep 2021 1.2% | Dec 2021 3.7% | Mar 2022 0.6% | Jun 2022 0.8% | Sep 2022 1.8% | Dec 2022 0.5% | Mar 2023 0.5% | Jun 2023 0.5% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.5% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 -0.1% | Mar 2026 -0.5% | Jun 2026 —
- KRC: Sep 2021 1.0% | Dec 2021 1.2% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 1.5% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 0.8% | Jun 2025 1.4% | Sep 2025 2.9% | Dec 2025 0.6% | Mar 2026 -0.3% | Jun 2026 —
- CDP: Sep 2021 1.7% | Dec 2021 0.9% | Mar 2022 3.5% | Jun 2022 1.9% | Sep 2022 1.8% | Dec 2022 3.0% | Mar 2023 4.5% | Jun 2023 1.8% | Sep 2023 -13% | Dec 2023 2.1% | Mar 2024 2.0% | Jun 2024 2.1% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 2.3% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 2.4% | Mar 2026 2.5% | Jun 2026 —
- SLG: Sep 2021 7.3% | Dec 2021 0.4% | Mar 2022 0.6% | Jun 2022 -0.3% | Sep 2022 0.8% | Dec 2022 -1.0% | Mar 2023 -0.7% | Jun 2023 -7.7% | Sep 2023 -0.2% | Dec 2023 -2.6% | Mar 2024 0.6% | Jun 2024 0.2% | Sep 2024 -0.2% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 0.5% | Sep 2025 0.8% | Dec 2025 -2.3% | Mar 2026 -1.4% | Jun 2026 0.1%
- HIW: Sep 2021 3.2% | Dec 2021 5.3% | Mar 2022 1.7% | Jun 2022 2.2% | Sep 2022 1.6% | Dec 2022 1.2% | Mar 2023 1.8% | Jun 2023 1.8% | Sep 2023 0.9% | Dec 2023 1.6% | Mar 2024 1.1% | Jun 2024 2.6% | Sep 2024 0.6% | Dec 2024 -0.1% | Mar 2025 4.1% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 —
- DEI: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.4% | Jun 2023 -0.4% | Sep 2023 -0.5% | Dec 2023 -1.4% | Mar 2024 0.2% | Jun 2024 0.2% | Sep 2024 0.0% | Dec 2024 -0.2% | Mar 2025 1.2% | Jun 2025 -0.4% | Sep 2025 -0.6% | Dec 2025 -0.6% | Mar 2026 -0.4% | Jun 2026 —
- ESBA: Sep 2021 1.0% | Dec 2021 -2.4% | Mar 2022 -1.0% | Jun 2022 -4.1% | Sep 2022 12% | Dec 2022 2.4% | Mar 2023 5.2% | Jun 2023 2.8% | Sep 2023 8.7% | Dec 2023 4.6% | Mar 2024 3.7% | Jun 2024 2.4% | Sep 2024 6.6% | Dec 2024 5.2% | Mar 2025 4.2% | Jun 2025 3.5% | Sep 2025 2.5% | Dec 2025 3.0% | Mar 2026 7.1% | Jun 2026 —
- DEA: Sep 2021 0.7% | Dec 2021 0.6% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.1% | Dec 2022 1.3% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.3% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 0.3% | Sep 2025 0.1% | Dec 2025 0.3% | Mar 2026 0.1% | Jun 2026 —
- PDM: Sep 2021 0.6% | Dec 2021 -1.7% | Mar 2022 3.2% | Jun 2022 0.4% | Sep 2022 0.2% | Dec 2022 4.2% | Mar 2023 -0.1% | Jun 2023 -0.1% | Sep 2023 -1.0% | Dec 2023 -1.6% | Mar 2024 -1.6% | Jun 2024 -0.6% | Sep 2024 -0.7% | Dec 2024 -1.8% | Mar 2025 -0.6% | Jun 2025 -1.0% | Sep 2025 -0.8% | Dec 2025 -2.8% | Mar 2026 -0.8% | Jun 2026 —
- PSTL: Sep 2021 0.0% | Dec 2021 0.5% | Mar 2022 0.3% | Jun 2022 0.5% | Sep 2022 0.5% | Dec 2022 0.6% | Mar 2023 0.2% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 0.1% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 1.8% | Mar 2025 0.8% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.7% | Mar 2026 1.4% | Jun 2026 —
- HPP: Sep 2021 -0.2% | Dec 2021 0.4% | Mar 2022 -0.2% | Jun 2022 0.1% | Sep 2022 -0.2% | Dec 2022 -0.2% | Mar 2023 -0.4% | Jun 2023 -0.9% | Sep 2023 -1.0% | Dec 2023 -2.6% | Mar 2024 -1.6% | Jun 2024 -1.4% | Sep 2024 -3.3% | Dec 2024 -5.6% | Mar 2025 -2.6% | Jun 2025 -2.6% | Sep 2025 -4.4% | Dec 2025 -9.1% | Mar 2026 -1.7% | Jun 2026 —
- BDN: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 0.9% | Sep 2022 1.5% | Dec 2022 2.6% | Mar 2023 0.4% | Jun 2023 0.2% | Sep 2023 0.0% | Dec 2023 -3.4% | Mar 2024 0.7% | Jun 2024 4.2% | Sep 2024 6.6% | Dec 2024 2.6% | Mar 2025 -0.5% | Jun 2025 -5.4% | Sep 2025 1.1% | Dec 2025 -0.9% | Mar 2026 -3.6% | Jun 2026 -1.8%
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.3% | Dec 2023 -16% | Mar 2024 -8.5% | Jun 2024 3.8% | Sep 2024 -6.2% | Dec 2024 -5.6% | Mar 2025 0.1% | Jun 2025 -14% | Sep 2025 -12% | Dec 2025 0.0% | Mar 2026 6.6% | Jun 2026 —
- ONL: Sep 2021 -0.2% | Dec 2021 -6.9% | Mar 2022 -0.9% | Jun 2022 -1.4% | Sep 2022 -5.1% | Dec 2022 -1.8% | Mar 2023 -0.9% | Jun 2023 -1.6% | Sep 2023 -1.7% | Dec 2023 -1.7% | Mar 2024 -2.9% | Jun 2024 -3.9% | Sep 2024 -1.2% | Dec 2024 -4.0% | Mar 2025 -1.2% | Jun 2025 -3.2% | Sep 2025 -9.4% | Dec 2025 -5.2% | Mar 2026 -2.0% | Jun 2026 —

### 20-quarter ROE change history
- BXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.9 pp | Jun 2023 −1.6 pp | Sep 2023 −6.4 pp | Dec 2023 −0.1 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 +2.6 pp | Dec 2024 −4.7 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −2.8 pp | Dec 2025 +6.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ARE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −0.1 pp | Mar 2023 +1.3 pp | Jun 2023 −1.1 pp | Sep 2023 −1.7 pp | Dec 2023 −0.7 pp | Mar 2024 +0.4 pp | Jun 2024 −0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.1 pp | Mar 2025 −0.8 pp | Jun 2025 −0.7 pp | Sep 2025 −1.8 pp | Dec 2025 −4.7 pp | Mar 2026 +1.7 pp | Jun 2026 —
- VNO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.5 pp | Mar 2023 −0.5 pp | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +6.2 pp | Mar 2024 −0.3 pp | Jun 2024 −0.3 pp | Sep 2024 −1.2 pp | Dec 2024 −4.8 pp | Mar 2025 +1.7 pp | Jun 2025 +11.5 pp | Sep 2025 +0.6 pp | Dec 2025 −0.3 pp | Mar 2026 −1.9 pp | Jun 2026 —
- CUZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −3.2 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 −1.4 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.1 pp | Dec 2024 −0.1 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.4 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +0.1 pp | Sep 2023 −0.5 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +1.9 pp | Dec 2025 −0.5 pp | Mar 2026 −1.1 pp | Jun 2026 —
- CDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +2.1 pp | Mar 2023 +1.0 pp | Jun 2023 −0.1 pp | Sep 2023 −15.0 pp | Dec 2023 −0.9 pp | Mar 2024 −2.5 pp | Jun 2024 +0.3 pp | Sep 2024 +15.5 pp | Dec 2024 +0.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.1 pp | Mar 2026 +0.2 pp | Jun 2026 —
- SLG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 −1.4 pp | Mar 2023 −1.3 pp | Jun 2023 −7.4 pp | Sep 2023 −1.0 pp | Dec 2023 −1.6 pp | Mar 2024 +1.3 pp | Jun 2024 +7.9 pp | Sep 2024 0.0 pp | Dec 2024 +3.0 pp | Mar 2025 −0.4 pp | Jun 2025 +0.3 pp | Sep 2025 +1.0 pp | Dec 2025 −2.7 pp | Mar 2026 −1.6 pp | Jun 2026 −0.4 pp
- HIW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −4.1 pp | Mar 2023 +0.1 pp | Jun 2023 −0.4 pp | Sep 2023 −0.7 pp | Dec 2023 +0.4 pp | Mar 2024 −0.7 pp | Jun 2024 +0.8 pp | Sep 2024 −0.3 pp | Dec 2024 −1.7 pp | Mar 2025 +3.0 pp | Jun 2025 −1.8 pp | Sep 2025 0.0 pp | Dec 2025 +1.5 pp | Mar 2026 −2.8 pp | Jun 2026 —
- DEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −1.0 pp | Sep 2023 −1.0 pp | Dec 2023 −2.0 pp | Mar 2024 −0.2 pp | Jun 2024 +0.6 pp | Sep 2024 +0.5 pp | Dec 2024 +1.2 pp | Mar 2025 +1.0 pp | Jun 2025 −0.6 pp | Sep 2025 −0.6 pp | Dec 2025 −0.4 pp | Mar 2026 −1.6 pp | Jun 2026 —
- ESBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.7 pp | Dec 2022 +4.8 pp | Mar 2023 +6.2 pp | Jun 2023 +6.9 pp | Sep 2023 −3.0 pp | Dec 2023 +2.2 pp | Mar 2024 −1.5 pp | Jun 2024 −0.4 pp | Sep 2024 −2.1 pp | Dec 2024 +0.6 pp | Mar 2025 +0.5 pp | Jun 2025 +1.1 pp | Sep 2025 −4.1 pp | Dec 2025 −2.2 pp | Mar 2026 +2.9 pp | Jun 2026 —
- DEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +0.7 pp | Mar 2023 −0.3 pp | Jun 2023 −0.2 pp | Sep 2023 +0.3 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- PDM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +5.9 pp | Mar 2023 −3.3 pp | Jun 2023 −0.5 pp | Sep 2023 −1.2 pp | Dec 2023 −5.8 pp | Mar 2024 −1.5 pp | Jun 2024 −0.5 pp | Sep 2024 +0.3 pp | Dec 2024 −0.2 pp | Mar 2025 +1.0 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 −1.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- PSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 −0.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +1.3 pp | Mar 2025 +0.7 pp | Jun 2025 +1.2 pp | Sep 2025 +1.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- HPP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.6 pp | Mar 2023 −0.2 pp | Jun 2023 −1.0 pp | Sep 2023 −0.8 pp | Dec 2023 −2.4 pp | Mar 2024 −1.2 pp | Jun 2024 −0.5 pp | Sep 2024 −2.3 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.2 pp | Sep 2025 −1.1 pp | Dec 2025 −3.5 pp | Mar 2026 +0.9 pp | Jun 2026 —
- BDN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +1.8 pp | Mar 2023 −0.5 pp | Jun 2023 −0.7 pp | Sep 2023 −1.5 pp | Dec 2023 −6.0 pp | Mar 2024 +0.3 pp | Jun 2024 +4.0 pp | Sep 2024 +6.6 pp | Dec 2024 +6.0 pp | Mar 2025 −1.2 pp | Jun 2025 −9.6 pp | Sep 2025 −5.5 pp | Dec 2025 −3.5 pp | Mar 2026 −3.1 pp | Jun 2026 +3.6 pp
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +0.3 pp | Dec 2023 −15.9 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 +10.3 pp | Mar 2025 +8.6 pp | Jun 2025 −17.8 pp | Sep 2025 −5.9 pp | Dec 2025 +5.6 pp | Mar 2026 +6.5 pp | Jun 2026 —
- ONL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 +5.1 pp | Mar 2023 0.0 pp | Jun 2023 −0.2 pp | Sep 2023 +3.4 pp | Dec 2023 +0.1 pp | Mar 2024 −2.0 pp | Jun 2024 −2.3 pp | Sep 2024 +0.5 pp | Dec 2024 −2.3 pp | Mar 2025 +1.7 pp | Jun 2025 +0.7 pp | Sep 2025 −8.2 pp | Dec 2025 −1.2 pp | Mar 2026 −0.8 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

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

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 gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/17 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

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.

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.

Evidence: Empire State Realty OP, L.P. · 0.11× | 26.7% versus #2 · Net Lease Office Properties | 0/8 recent comparable periods | 9/17 companies · 212 observations

Definition: 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 ÷ ROE — lowest return-adjusted price
1. Empire State Realty OP, L.P. (ESBA): 0.1
2. Net Lease Office Properties (NLOP): 0.2
3. Alexandria Real Estate Equities, Inc. (ARE): 0.3
4. Highwoods Properties, Inc. (HIW): 0.8
5. COPT Defense Properties (CDP): 0.9

### P/BV — lowest P/BV
1. Hudson Pacific Properties, Inc. (HPP): 0.1
2. Orion Properties Inc. (ONL): 0.2
3. Alexandria Real Estate Equities, Inc. (ARE): 0.5
4. Piedmont Realty Trust, Inc. (PDM): 0.6
5. Kilroy Realty Corporation (KRC): 0.6

### 20-quarter P/BV ÷ ROE history
- BXP: Sep 2021 1.7 | Dec 2021 1.1 | Mar 2022 1.6 | Jun 2022 0.7 | Sep 2022 0.4 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 1.0 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.7 | Dec 2024 — | Mar 2025 1.8 | Jun 2025 1.4 | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 —
- ARE: Sep 2021 2.5 | Dec 2021 3.6 | Mar 2022 — | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 2.6 | Mar 2023 1.9 | Jun 2023 1.7 | Sep 2023 3.1 | Dec 2023 — | Mar 2024 1.2 | Jun 2024 2.8 | Sep 2024 1.2 | Dec 2024 — | Mar 2025 4.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.3 | Jun 2026 —
- VNO: Sep 2021 1.3 | Dec 2021 — | Mar 2022 2.0 | Jun 2022 0.9 | Sep 2022 2.3 | Dec 2022 1.7 | Mar 2023 2.6 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.2 | Mar 2024 — | Jun 2024 1.5 | Sep 2024 — | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.1 | Sep 2025 4.3 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 —
- CUZ: Sep 2021 1.1 | Dec 2021 0.4 | Mar 2022 2.2 | Jun 2022 1.2 | Sep 2022 0.4 | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 2.1 | Mar 2024 2.7 | Jun 2024 4.0 | Sep 2024 3.4 | Dec 2024 3.5 | Mar 2025 2.1 | Jun 2025 3.5 | Sep 2025 5.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRC: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.5 | Sep 2025 0.3 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- CDP: Sep 2021 1.1 | Dec 2021 2.2 | Mar 2022 0.6 | Jun 2022 0.9 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 0.3 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 —
- SLG: Sep 2021 0.1 | Dec 2021 2.5 | Mar 2022 1.8 | Jun 2022 — | Sep 2022 0.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.6 | Jun 2024 5.0 | Sep 2024 — | Dec 2024 3.1 | Mar 2025 5.4 | Jun 2025 2.3 | Sep 2025 1.4 | Dec 2025 — | Mar 2026 — | Jun 2026 10.8
- HIW: Sep 2021 0.6 | Dec 2021 0.4 | Mar 2022 1.2 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 1.0 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 1.0 | Dec 2023 0.6 | Mar 2024 1.0 | Jun 2024 0.4 | Sep 2024 2.5 | Dec 2024 — | Mar 2025 0.3 | Jun 2025 1.8 | Sep 2025 2.4 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- DEI: Sep 2021 5.8 | Dec 2021 4.9 | Mar 2022 3.9 | Jun 2022 2.6 | Sep 2022 2.4 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.3 | Jun 2024 5.2 | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ESBA: Sep 2021 1.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.4 | Mar 2023 0.2 | Jun 2023 0.4 | Sep 2023 0.1 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.6 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.3 | Mar 2026 0.1 | Jun 2026 —
- DEA: Sep 2021 2.1 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 2.3 | Sep 2022 11.4 | Dec 2022 0.8 | Mar 2023 3.4 | Jun 2023 2.7 | Sep 2023 2.2 | Dec 2023 3.4 | Mar 2024 3.0 | Jun 2024 3.3 | Sep 2024 2.7 | Dec 2024 2.3 | Mar 2025 4.5 | Jun 2025 2.5 | Sep 2025 7.9 | Dec 2025 2.5 | Mar 2026 7.6 | Jun 2026 —
- PDM: Sep 2021 1.9 | Dec 2021 — | Mar 2022 0.4 | Jun 2022 2.2 | Sep 2022 3.7 | Dec 2022 0.1 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PSTL: Sep 2021 — | Dec 2021 3.3 | Mar 2022 4.8 | Jun 2022 2.6 | Sep 2022 2.5 | Dec 2022 2.1 | Mar 2023 6.8 | Jun 2023 2.6 | Sep 2023 2.4 | Dec 2023 2.6 | Mar 2024 13.1 | Jun 2024 4.1 | Sep 2024 3.5 | Dec 2024 0.7 | Mar 2025 1.7 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.3 | Jun 2026 —
- HPP: Sep 2021 — | Dec 2021 2.5 | Mar 2022 — | Jun 2022 6.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BDN: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 0.5 | Dec 2022 0.3 | Mar 2023 1.3 | Jun 2023 2.6 | Sep 2023 — | Dec 2023 — | Mar 2024 0.9 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.4 | Mar 2025 — | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.1 | Sep 2024 — | Dec 2024 — | Mar 2025 8.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.2 | Jun 2026 —

### 20-quarter P/BV history
- BXP: Sep 2021 3.0 | Dec 2021 3.1 | Mar 2022 3.5 | Jun 2022 2.4 | Sep 2022 1.9 | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.6 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.7 | Sep 2024 2.2 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.6 | Jun 2026 —
- ARE: Sep 2021 2.0 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.4 | Sep 2022 1.3 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.7 | Sep 2025 0.9 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 —
- VNO: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 1.4 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.2 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 0.8 | Jun 2026 —
- CUZ: Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- KRC: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- CDP: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 1.5 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.3 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 2.1 | Mar 2026 2.3 | Jun 2026 —
- SLG: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 1.2 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 1.1
- HIW: Sep 2021 1.9 | Dec 2021 1.9 | Mar 2022 2.0 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.2 | Jun 2024 1.2 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.2 | Mar 2026 1.0 | Jun 2026 —
- DEI: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.3 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.4 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- ESBA: Sep 2021 1.7 | Dec 2021 1.5 | Mar 2022 1.7 | Jun 2022 1.2 | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- DEA: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 —
- PDM: Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —
- PSTL: Sep 2021 1.7 | Dec 2021 1.7 | Mar 2022 1.4 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.2 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 —
- HPP: Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 1.2 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- BDN: Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 1.0 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 0.8
- NLOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 —
- ONL: Sep 2021 — | Dec 2021 1.0 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Postal Realty Trust, Inc. (PSTL): 73%
2. COPT Defense Properties (CDP): 40%
3. Piedmont Realty Trust, Inc. (PDM): 31%
4. Cousins Properties Incorporated (CUZ): 20%
5. Highwoods Properties, Inc. (HIW): 18%

### Strongest relative strength versus NIFTY 500
1. Postal Realty Trust, Inc. (PSTL): 18%
2. COPT Defense Properties (CDP): 14%
3. Highwoods Properties, Inc. (HIW): 14%
4. Cousins Properties Incorporated (CUZ): 11%
5. Piedmont Realty Trust, Inc. (PDM): 7.9%

## What can make this comparison misleading?
- 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.

## Every company
- BXP, Inc. (BXP) — market value ₹12.5K Cr; latest fundamentals Mar 2026
- Alexandria Real Estate Equities, Inc. (ARE) — market value ₹9.4K Cr; latest fundamentals Mar 2026
- Vornado Realty Trust (VNO) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Cousins Properties Incorporated (CUZ) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Kilroy Realty Corporation (KRC) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- COPT Defense Properties (CDP) — market value ₹4.4K Cr; latest fundamentals Mar 2026
- SL Green Realty Corp. (SLG) — market value ₹4.1K Cr; latest fundamentals Jun 2026
- Highwoods Properties, Inc. (HIW) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Douglas Emmett, Inc. (DEI) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Empire State Realty OP, L.P. (ESBA) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Easterly Government Properties, Inc. (DEA) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Piedmont Realty Trust, Inc. (PDM) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- Postal Realty Trust, Inc. (PSTL) — market value ₹831 Cr; latest fundamentals Mar 2026
- Hudson Pacific Properties, Inc. (HPP) — market value ₹781 Cr; latest fundamentals Mar 2026
- Brandywine Realty Trust (BDN) — market value ₹523 Cr; latest fundamentals Jun 2026
- Net Lease Office Properties (NLOP) — market value ₹179 Cr; latest fundamentals Mar 2026
- Orion Properties Inc. (ONL) — market value ₹148 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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 12.7% 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 $61,109 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/reit-office