undamentalytics Newsletter

Office REITs stocks

20 US-listed companies in office reits, with $18.4bn of combined revenue in their latest fiscal years. BXP, Inc. is the largest ($3.5bn). The fastest grower with at least $100m of revenue in both years is Cousins Properties Inc, up 16.0%. The median company grew −1.1% with a net margin of −4.0%.

Companies20
Combined revenue$18.4bn
Median revenue growth−1.1%
Median net margin−4.0%
Median return on equity−2.5%
#CompanyRevenueGrowthNet marginROEFiscal year
1 BXP, Inc.BXP $3.5bn 2.2% 7.9% 5.2% 2025
2 Alexandria Real Estate EquitiesARE $3.0bn −2.9% −47.2% −8.6% 2025
3 Vornado Realty TrustVNO $1.8bn 1.3% 50.0% 16.2% 2025
4 Kilroy Realty CorpKRC $1.1bn −2.0% 24.8% 5.1% 2025
5 Douglas Emmett IncDEI $1.0bn 1.8% 1.6% 0.8% 2025
6 SL Green Realty CorpSLG $1.0bn 13.2% −9.7% −2.5% 2025
7 Cousins Properties IncCUZ $994m 16.0% 4.1% 0.9% 2025
8 Hudson Pacific Properties, Inc.HPP $831m −1.3% −68.9% −19.6% 2025
9 Highwoods Properties, Inc.HIW $806m −2.4% 19.5% 6.6% 2025
10 Empire State Realty OP, L.p.ESBA $768m 0.0% 9.0% — 2025
11 Empire State Realty Trust, Inc.ESRT $768m 0.0% 5.6% 4.2% 2025
12 Copt Defense PropertiesCDP $764m 1.4% 19.9% 10.1% 2025
13 Piedmont Realty Trust, Inc.PDM $565m −0.9% −14.8% −5.4% 2025
14 Brandywine Realty TrustBDN $484m −4.2% −36.8% −19.5% 2025
15 Office Properties Income TrustOPI $443m −11.8% −61.5% −26.8% 2025
16 Orion Properties Inc.ONL $148m −10.4% −94.4% −20.1% 2025
17 Net Lease Office PropertiesNLOP $119m −16.4% −122.2% −33.2% 2025
18 Franklin Street Properties CorpFSP $107m −10.8% −42.0% −7.1% 2025
19 Postal Realty Trust, Inc.PSTL $96m 25.5% 14.8% 5.3% 2025
20 Mays J W IncMAYS $22m 4.1% −0.6% −0.3% 2025

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other real estate industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.