Office REITs
What Are Office REITs? Office Real Estate Investment Trusts (REITs) own and manage office buildings, leasing space to businesses across various industries. These REITs generate income through rental payments from tenants, including corporations, law firms, and financial institutions.
Why Invest? Office REITs offer steady cash flow from long-term leases and diversified tenant bases. Despite evolving work trends, office spaces in prime locations continue to attract tenants looking for professional environments, making these REITs a stable investment with potential for capital appreciation.
Challenges & Outlook Office REITs face challenges from remote work trends, increasing vacancy rates, and rising operating costs. However, demand for high-quality, well-located office spaces remains strong, particularly in urban centers, ensuring long-term viability for select office REITs as the commercial real estate market adapts.
Office REITs
Updated Nov 10, 2026, 3:00 AM ET
- REITs
- 21
- Combined Mkt Cap
- $48.0B
- Snapshot Avg Yield
- 4.26%
The snapshot average uses 21 reported yields with equal weight, including zero yields and excluding missing values. Individual company data may update after this snapshot.
The Numbers Behind the Sector
Updated Nov 10, 2026, 3:00 AM ET
- Fwd FFO
- 10.3x
- 3-Yr FFO Growth
- -1.0%
- 3-Yr Return
- +16.9%
- Avg Discount
- -5.4%
- Net Debt/EBITDA
- 7.6x
- Market Value
- $48.05B
| Company | Ticker | Market Cap | Dividend Yield | P/FFO | 3Yr Total Return |
|---|---|---|---|---|---|
| Boston Properties | BXP | $10.6B | 4.23% | 9.4x | +13.9% |
| Vornado Realty | VNO | $6.85B | 2.02% | 14.8x | +23.4% |
| Cousins Properties | CUZ | $4.96B | 4.25% | 10.2x | +23.5% |
| Kilroy Realty | KRC | $4.30B | 5.85% | 10.3x | +15.9% |
| COPT Defense | CDP | $3.79B | 3.83% | 12.0x | +17.3% |
| SL Green Realty | SLG | $3.74B | 4.71% | 8.6x | +26.0% |
| Highwoods Properties | HIW | $3.47B | 6.36% | 8.8x | +29.8% |
| Douglas Emmett | DEI | $1.74B | 7.32% | 7.4x | +3.1% |
| American Assets | AAT | $1.33B | 6.27% | 10.7x | +12.3% |
| Alexander's Inc | ALX | $1.29B | 7.15% | 15.7x | +19.0% |
| Piedmont Realty | PDM | $1.25B | 0.00% | 6.6x | +26.0% |
| Easterly Government | DEA | $1.08B | 7.92% | 7.3x | +2.7% |
| Empire State Realty | ESRT | $0.92B | 2.63% | 6.8x | -12.3% |
| JBG Smith | JBGS | $0.72B | 5.65% | 16.8x | +2.3% |
| Armada Hoffler | AHRT | $0.63B | 8.67% | 11.1x | -6.7% |
| Brandywine Realty | BDN | $0.55B | 9.85% | 6.2x | +6.9% |
| Hudson Pacific | HPP | $0.51B | 0.00% | 8.0x | -36.6% |
| Orion Office | ONL | $0.16B | 2.80% | 3.7x | -11.9% |
| Net Lease Office | NLOP | $0.14B | 0.00% | Not reported | +33.5% |
| Franklin Street | FSP | $0.04B | 0.00% | Not reported | -42.3% |
| Creative Media | CMCT | $0.01B | 0.00% | Not reported | -96.4% |
Frequently Asked Questions
How many Office REITs are tracked here?
Hoya Capital's Office REITs table contains 21 companies classified in this sector in its company database. This is the number of tracked records, not a count of every business in the industry or a recommendation to purchase any security.
What is the average dividend yield for Office REITs?
The simple average dividend yield for the tracked Office REITs is 4.26%, using 21 reported yields. Each reported yield receives equal weight, including zero yields; missing values are excluded. This calculation describes the company table and is not a forecast of future distributions.
What is the median dividend yield for Office REITs?
The median reported dividend yield for Office REITs is 4.25% across 21 companies. The median is the middle observation after sorting yields, or the average of the two middle observations when the count is even. Missing yields are excluded.
Which tracked company is largest in Office REITs by market capitalization?
Boston Properties (BXP) has the largest reported market capitalization in the Office REITs table, at $10.57 billion. Market capitalization measures equity market value, not property value or investment quality. The comparison covers only tracked companies with a reported value.