REIT - Office Stocks in the US

The largest REIT - Office stocks in the US by market value are BXP, Inc. ($11.7B), Alexandria Real Estate Equities, Inc. ($8.0B) and Vornado Realty Trust ($7.4B), at prices of 4 Nov 2026.

• BXP, Inc.: $65.96 | market value $11.7B | P/BV 1.37
• Alexandria Real Estate Equities, Inc.: $46.00 | market value $8.0B | P/BV 0.48
• Vornado Realty Trust: $36.29 | market value $7.4B | P/BV 1.1
• Cousins Properties Incorporated: $30.33 | market value $5.0B | P/BV 1.1
• Kilroy Realty Corporation: $37.83 | market value $4.4B | P/BV 0.72
• SL Green Realty Corp.: $53.78 | market value $4.1B | P/BV 0.78
• COPT Defense Properties: $33.11 | market value $3.8B | P/BV 2.56
• Highwoods Properties, Inc.: $32.20 | market value $3.6B | P/BV 1.25
• Douglas Emmett, Inc.: $10.58 | market value $2.2B | P/BV 0.56
• Empire State Realty OP, L.P.: $5.03 | market value $1.4B | P/BV 0.88

The other 7 REIT - Office companies are in the full list below.

Share price | market value | P/BV or P/E, biggest first. Prices and market values as of 4 Nov 2026; ratios as in the score list below.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 4 Nov 2026.

The largest 15 of 17 listed US REIT - Office companies are named here; all 17 are ranked in the scorecard. Every figure is equal-weighted across those companies and carries its own as-of date. One large company cannot set the reading.

1. BXP, Inc.$11.7B
2. Alexandria Real Estate Equities, Inc.$8.0B
3. Vornado Realty Trust$7.4B
4. Cousins Properties Incorporated$5.0B
5. Kilroy Realty Corporation$4.4B
6. SL Green Realty Corp.$4.1B
7. COPT Defense Properties$3.8B
8. Highwoods Properties, Inc.$3.6B
9. Douglas Emmett, Inc.$2.2B
10. Empire State Realty OP, L.P.$1.4B
11. Piedmont Realty Trust, Inc.$1.2B
12. Easterly Government Properties, Inc.$1.2B
13. Postal Realty Trust, Inc.$913M
14. Hudson Pacific Properties, Inc.$585M
15. Brandywine Realty Trust$546M

The remaining 2 REIT - Office companies are named and ranked in the scorecard.

15 REIT - Office companies in the REIT - Office industry group (every listed company) have a page on Sector Alpha, by market value as of 4 November 2026, and all 15 are listed below, largest first. The largest is BXP, Inc. ($11.7 billion) and the smallest with a market value is Brandywine Realty Trust.

Download all 15 REIT - Office companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this industry is 50% behind S&P 500. Earnings across its companies fell 22% on average over the last four reported quarters.

Price down, no fundamental support. 2 of the 15 companies with a long enough price record ahead of S&P 500 by 5% or more over three months. 1 is 20% or more behind over a year while earnings grew 20% or more.

Not ahead of S&P 500 on the three-month view this week; 9 of the 15 companies in the industry index above their 200-day average (2 more than four weeks earlier); 2 of those 15 ahead of S&P 500 by 5% or more over three months (2 more than four weeks earlier); earnings rising at 6 of the 15 that report earnings.

Not ahead of S&P 500 yet, but 2 more stocks joined in four weeks, 0 → 2 of 15. Earnings mixed, 6 of 15 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the industry line is an equal-weighted index of 15 of its 17 companies (the 2 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the industry taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

REIT - Office has done worse than the S&P 500 by 17.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.1%. Highwoods Properties, Inc. is the strongest against the sector itself at +13.8%.

REIT - Office has done worse than the S&P 500 by 17.3% over 52 weeks and by 5.1% over 13 weeks. 6 of 17 companies we track are beating the S&P 500 on relative strength (how a share price has done against the index over recent months), and 9 of 17 are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Highwoods Properties, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 76% evidence confidence.

Net Lease Office Properties scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Postal Realty Trust, Inc. has the strongest one-year price move in REIT - Office at +42.0%. Highwoods Properties, Inc. leads on relative strength against the S&P 500, at +10.4%. 6 of 17 companies we track are ahead of the index on that measure. Every line covers 314 weekly closes through 4 November 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and S&P 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs S&P 500: How far ahead of or behind S&P 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS S&P 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against REIT - Office itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against S&P 500

Strongest against the sector itself

BXP, Inc. has the highest Income among the 17 REIT - Office companies compared here, at $3,189 million. Alexandria Real Estate Equities, Inc. is next at $2,840 million. SL Green Realty Corp. has the highest Income growth at 60.3%, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: BXP, Inc. is the largest at $3,189 million, 12.3% ahead of Alexandria Real Estate Equities, Inc. SL Green Realty Corp.'s growth is 60.3% from a $1,061 million base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: BXP, Inc. is the size to compare against; SL Green Realty Corp. is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: BXP, Inc.'s growth falls below SL Green Realty Corp.'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.

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

BXP, Inc. has the highest Net profit among the 17 REIT - Office companies compared here, at $297 million. Highwoods Properties, Inc. is next at $174 million. The same company also has the highest Profit growth, at the 100% top of the scoring scale. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: BXP, Inc. earns the most, $297 million of profit over the last 12 months, 70.7% above Highwoods Properties, Inc. BXP, Inc. shows at least 100% on the scoring scale (5840% in full) growth from a profit base of $297 million. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: BXP, Inc. sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

No company in this REIT - Office comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, BXP, Inc. is highest at $16,358 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.

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

COPT Defense Properties has the highest ROA among the 17 REIT - Office companies compared here, at 3.3%. Postal Realty Trust, Inc. is next at 2.9%. Orion Properties Inc. has the highest ROA change at +0.5 percentage points, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: COPT Defense Properties leads roa at 3.3%; Orion Properties Inc. leads roa change at +0.5 percentage points.

What this means: COPT Defense Properties sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on assets · company comparison

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Net Lease Office Properties has the highest ROE among the 17 REIT - Office companies compared here, at 42.5%. COPT Defense Properties is next at 10.1%. The same company also has the highest ROE change, at +42.1 percentage points. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Net Lease Office Properties leads both roe at 42.5% and roe change at +42.1 percentage points.

What this means: Net Lease Office Properties sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on equity · company comparison

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

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 Sep 2026.

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

Net Lease Office Properties has the lowest P/BV ÷ ROE among the 17 REIT - Office companies compared here, at 0.02×. Alexandria Real Estate Equities, Inc. is next at 0.06×. Orion Properties Inc. has the lowest P/BV at 0.26×, so level and change sit with different companies. 9 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Net Lease Office Properties has the lowest comparable P/BV ÷ ROE at 0.02×, 66.7% below Alexandria Real Estate Equities, Inc. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

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 come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.

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 Sep 2026 and market data through 4 November 2026.

These 21 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 Sep 2026. Price and relative-strength answers run through 4 November 2026. Nothing here is estimated, and none of it is a recommendation.