NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Office REITs Sector Outlook — September 2026

NeuraCap's Office REITs sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

11.9x
Sector median EV/EBITDA
13.5x
Premium end EV/EBITDA vs 6.9x at the discount end
13
Transactions with disclosed terms

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REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › OFFICE REITS

Office REITs: One Label, Different Valuation Cases

The report shows how portfolio mix, operating quality and lease economics shape the valuation case.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Office REITs Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Office REITs do not price as a single peer group. Adjacent property exposure carries a different reference point, while the premium and discount ends of the forward range remain far apart. Headline growth offers limited separation on its own; margins, lease rollover, tenant retention, concessions and required leasing capital provide the sharper operating context.

Key findings

  • Adjacent Models Sit Outside the Main Office Group
  • The Two Ends Carry Different Durability Questions
  • Headline Growth Barely Separates Forward Valuation
  • Margins Add Context to the Growth Story

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › OFFICE REITS

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › OFFICE REITS.

    Cover — Office REITs sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    REAL ESTATE › EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) › OFFICE REITS Office REITs: One Label, Different Valuation Cases The report shows how portfolio mix, operating quality and lease economics shape the valuation case. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Office REIT Valuation Turns on Portfolio and Lease Quality 02 The Landscape Portfolio Mix Changes the Benchmark 03 Valuation & Situations The Forward Range Leaves Room for Company-Specific Judgment 04 Precedent Transactions Precedent Transactions Span Entities, Portfolios and Assets 05 Strategic Implications Durable Valuation Cases Extend Beyond Headline Growth 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Office REITs and Adjacent Models Carry Different Valuation Cases

    Office REITs and Adjacent Models Carry Different Valuation Cases.

    Office REITs and Adjacent Models Carry Different Valuation Cases The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Office REITs and Adjacent Models Carry Different Valuation Cases The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Adjacent Models Sit Outside the Main Office Group Office REITs account for 83% of the approved set, while Adjacent models account for 17% and sit at 16.6x. Mixed property exposure makes portfolio composition central to the benchmark. 2 The Two Ends Carry Different Durability Questions The premium end centers on 13.5x, compared with 6.9x at the discount end. Forward EV / EBITDA already credits forecast growth, so the remaining spread is associated with differences in operating durability. 3 Headline Growth Barely Separates Forward Valuation On the five names at or above the 3% growth split, the middle of the range is 11.9x. On the five names below that split, it is 11.8x. 4 Margins Add Context to the Growth Story Among the 10 names with growth and margin data, the balanced and margin-only groups share 12.7x, while the growth-only group sits at 7.1x. Tenant retention, lease rollover and tenant improvements and leasing commissions remain important tests of earnings quality. 11.9x Sector median EV/EBITDA CY2027E consensus · 10 rated of 12 companies 13.5x Premium end EV/EBITDA vs 6.9x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 13 Transactions with disclosed terms 49 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Portfolio Mix Changes the Benchmark. Office-focused portfolios and adjacent models require distinct valuation context. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Portfolio Mix Changes the Benchmark Office-focused portfolios and adjacent models require distinct valuation context. 02 of 06 Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Sector Splits Between Office Portfolios and Adjacent Property Exposure

    The Sector Splits Between Office Portfolios and Adjacent Property Exposure.

    The Sector Splits Between Office Portfolios and Adjacent Property Exposure 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP The Sector Splits Between Office Portfolios and Adjacent Property Exposure 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 OFFICE REITS 10 cos median 11.9x Alexandria Real (ARE) BXP Kilroy Realty (KRC) Cousins Properties (CUZ) Douglas Emmett (DEI) Highwoods (HIW) Piedmont Office (PDM) Easterly (DEA) Hudson Pacific (HPP) Orion Properties (ONL) The main group concentrates the direct read-through from leasing velocity, occupancy and releasing economics. ADJACENT MODELS 2 cos median 16.6x American Assets (AAT) Alexander's (ALX) Broader property exposure introduces different cash-flow mixes and valuation reference points.

  6. 06
    02 · LANDSCAPE

    Adjacent Models Carry a Higher Reference Point than the Main Office Group

    Adjacent Models Carry a Higher Reference Point than the Main Office Group.

    Adjacent Models Carry a Higher Reference Point than the Main Office Group Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Adjacent Models Carry a Higher Reference Point than the Main Office Group Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Office REITs 10 83% 11.9x Alexandria Real Estate Equities, Inc. (ARE) · BXP, Inc. (BXP) · +8 more Office economics lead. This group represents 83% of the approved set. Lease rollover, tenant retention, concessions and capital requirements remain central to the operating case. Adjacent models 2 17% 16.6x American Assets Trust, Inc. (AAT) · Alexander's, Inc. (ALX) Property mix changes context. This group represents 17% of the approved set and centers on 16.6x. Its broader exposure calls for a portfolio-specific valuation read.

  7. 07
    SECTION 03

    03

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    Section 03 of 06 — The Forward Range Leaves Room for Company-Specific Judgment. The two ends of the range carry materially different operating and durability questions. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Forward Range Leaves Room for Company-Specific Judgment The two ends of the range carry materially different operating and durability questions. 03 of 06 Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium and Discount Ends Sit Far Apart on Forward Earnings

    The Premium and Discount Ends Sit Far Apart on Forward Earnings.

    The Premium and Discount Ends Sit Far Apart on Forward Earnings EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 11.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium and Discount Ends Sit Far Apart on Forward Earnings EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 11.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.5x CORE · median 11.9x DISCOUNT · median 6.9x Sector median 11.9x WHAT SEPARATES THE TWO ENDS The two ends diverge. The premium end centers on 13.5x, while the discount end centers on 6.9x. The gap supports company-specific diligence rather than a single benchmark. Forward valuation raises the bar. A forward EV / EBITDA multiple already gives credit for forecast growth. A premium that remains is associated with confidence in the durability of future earnings. Lease quality sharpens the read. Tenant credit, lease rollover, concessions and required leasing capital help distinguish durable net operating income from earnings that require heavier reinvestment.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 58% Margin Line Carry 12.7x Against 10.0x Below It

    Profitability Separates the Two Ends: Names Above the 58% Margin Line Carry 12.7x Against 10.0x Below It.

    Profitability Separates the Two Ends: Names Above the 58% Margin Line Carry 12.7x Against 10.0x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 58% Margin Line Carry 12.7x Against 10.0x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 58% The Growth Split Produces Little Valuation Separation On the five names at or above the growth split, the median is 11.9x. On the five names below it, the median is 11.8x. Profitability Changes the Operating Interpretation The margin bar is 58%, and the valuation pattern differs across the groups that clear growth, margin, both or neither. The result supports a combined read of growth and earnings quality. Releasing Economics Test the Quality of Growth Leasing velocity carries more weight when tenant improvements and leasing commissions, free-rent burn-off and retention support durable cash generation.

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    03 · SITUATION MAP

    Valuation and Growth Define Four Different Operating Questions

    Valuation and Growth Define Four Different Operating Questions.

    Valuation and Growth Define Four Different Operating Questions Cut on EV / EBITDA vs the sector median (11.9x) (rows) and revenue growth vs the covered median (3%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Valuation and Growth Define Four Different Operating Questions Cut on EV / EBITDA vs the sector median (11.9x) (rows) and revenue growth vs the covered median (3%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation, Higher Growth Above-median multiple · above-median revenue growth 3 names Cousins Properties Incorporated (CUZ) · Douglas Emmett, Inc. (DEI) · Highwoods Properties, Inc. (HIW) For the three names in this position, the key question is whether lease economics can sustain the current standing. Retention, concessions and required leasing capital sharpen that assessment. Higher Valuation, Lower Growth Above-median multiple · below-median revenue growth 2 names Kilroy Realty Corporation (KRC) · Alexander's, Inc. (ALX) For the two names in this position, current valuation sits ahead of the growth profile. Portfolio quality, lease rollover and earnings durability become central to the case. Lower Valuation, Higher Growth Below-median multiple · above-median revenue growth 2 names Piedmont Office Realty Trust, Inc. (PDM) · Hudson Pacific Properties, Inc. (HPP) For the two names in this position, growth has not been matched by an above-middle valuation. Margin quality and the capital required to support leasing warrant attention. Lower Valuation, Lower Growth Below-median multiple · below-median revenue growth 3 names BXP, Inc. (BXP) · American Assets Trust, Inc. (AAT) · Easterly Government Properties, Inc. (DEA) For the three names in this position, both growth and valuation sit below the middle of the set. Cost structure, asset mix and capital allocation frame the operating response.

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    03 · GROWTH VS PROFITABILITY

    Balanced Growth and Margin Sit Above the Growth-Only Group

    Balanced Growth and Margin Sit Above the Growth-Only Group.

    Balanced Growth and Margin Sit Above the Growth-Only Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (3% growth, 58% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=3). ALX plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Balanced Growth and Margin Sit Above the Growth-Only Group Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (3% growth, 58% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=3). ALX plotted at the chart edge. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -4% -2% 0% 2% 4% 40% 50% 60% MARGIN ONLY median 12.7x BALANCED median 12.7x NEITHER median 11.7x GROWTH ONLY median 7.1x ALX KRC AAT DEA BXP CUZ DEI HIW PDM HPP x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Among the 10 names with growth and margin data, three clear both bars and two clear the margin bar only; those groups share 12.7x. Two names clear the growth bar only and sit at 7.1x, while three clear neither and sit at 11.7x. Cousins Properties Incorporated [CUZ], Douglas Emmett, Inc. [DEI] and Highwoods Properties, Inc. [HIW] occupy the balanced group. The growth-only median rests on 2 names and is lifted by PDM at 10.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 9 of 10 names clear it.

  12. 12
    03 · THE AGENDA

    Value Paths Turn on Lease Economics, Funding Capacity and Portfolio Fit

    Value Paths Turn on Lease Economics, Funding Capacity and Portfolio Fit.

    Value Paths Turn on Lease Economics, Funding Capacity and Portfolio Fit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA Value Paths Turn on Lease Economics, Funding Capacity and Portfolio Fit NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Strengthen the Core Portfolio The operating path centers on tenant retention, leasing velocity and disciplined releasing economics within the existing asset base. What changes the answer: Improving occupancy and rent spreads with manageable tenant improvements and leasing commissions. Reposition the Asset Mix Portfolio action becomes relevant where commodity exposure, structural vacancy or concentrated lease rollover weighs on the valuation case. What changes the answer: A widening gap between asset-level prospects and the capital required to maintain competitiveness. Fund Redevelopment Selectively Redevelopment can support mark-to-market and tenant demand where location, specifications and preleasing justify the capital commitment. What changes the answer: Visible tenant demand, credible preleasing and funding capacity without pressure on dividend coverage. Test Build Versus Buy Precedent transactions show entity, portfolio and asset routes. The relevant choice depends on strategic fit, funding capacity and the quality of available properties. What changes the answer: A clear cost and risk advantage relative to internal development or redevelopment.

  13. 13
    SECTION 04

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    Section 04 of 06 — Precedent Transactions Span Entities, Portfolios and Assets. The transaction record shows several routes for capital across the office market. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Span Entities, Portfolios and Assets The transaction record shows several routes for capital across the office market. 04 of 06 Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Show Several Routes for Office Capital

    Precedent Transactions Show Several Routes for Office Capital.

    Precedent Transactions Show Several Routes for Office Capital 2 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Several Routes for Office Capital 2 of 13 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2021 $769M Highwoods Properties, Inc. acquires Preferred Apartment Communities, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a portfolio expansion path for an established office owner. The buyer and target combination points to broader property exposure rather than a pure office consolidation. HOW THE TARGET WAS VALUED The transaction was recorded at $769M. That value provides a size marker for assessing capital capacity and portfolio impact. Aug-2018 $726M Office JV Office JV assembled 21 office assets in a portfolio transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests that joint capital can be used to acquire office exposure at portfolio scale. The asset package also points to a route that does not require an entity transaction. HOW THE TARGET WAS VALUED The portfolio was recorded at $726M. That value provides a reference for portfolio-level capital deployment.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Valuation Cases Extend Beyond Headline Growth. Lease economics, portfolio quality and funding capacity remain central to the evidence. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Valuation Cases Extend Beyond Headline Growth Lease economics, portfolio quality and funding capacity remain central to the evidence. 05 of 06 Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Evidence Favors Portfolio-Specific Valuation Cases

    The Evidence Favors Portfolio-Specific Valuation Cases.

    The Evidence Favors Portfolio-Specific Valuation Cases NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS The Evidence Favors Portfolio-Specific Valuation Cases NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Start with the Right Peer Group The approved set contains office-focused portfolios and adjacent models with different property mixes. Benchmark choice changes how operating performance and valuation are interpreted. FOR MANAGEMENT Connect Growth to Lease Economics Headline growth offers limited separation in the forward valuation data. Retention, concessions, lease rollover and leasing capital provide the operating context. FOR BOARDS Match Capital Allocation to Durability Development, redevelopment, portfolio action and transactions carry different funding and execution risks. Balance-sheet flexibility shapes which paths remain credible.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.9x); amber marks below · 10 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.9x); amber marks below · 10 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.0x · median 13.5x · 3 companies Alexander's, Inc. ALX Adjacent: retail-led REIT portfolios $2.0B 21.5x -6% 41% 35 Kilroy Realty Corporation KRC Office REITs $8.6B 13.5x 2% 59% 61 Douglas Emmett, Inc. DEI Office REITs $8.4B 13.2x 3% 61% 64 CORE — 10.4x–13.0x · median 11.9x · 4 companies Highwoods Properties, Inc. HIW Office REITs $7.2B 12.7x 3% 64% 67 Cousins Properties Incorporated CUZ Office REITs $8.5B 11.9x 3% 65% 69 Easterly Government Properties, Inc. DEA Office REITs $2.8B 11.8x 2% 64% 66 American Assets Trust, Inc. AAT Diversified office-led REIT portfolios $2.9B 11.7x 2% 54% 56 DISCOUNT — <10.4x · median 6.9x · 3 companies Piedmont Office Realty Trust, Inc. PDM Office REITs $3.4B 10.0x 3% 56% 60 BXP, Inc. BXP Office REITs $13.5B 6.9x 3% 54% 57 Hudson Pacific Properties, Inc. HPP Office REITs $1.3B 4.3x 5% 40% 45

  19. 19
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (49 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (49 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Kennedy-Wilson Holdings, Inc. → Cousins Properties Incorporated n/a 0.7x 8.8x Kennedy-Wilson Holdings, Inc. announced a transaction involving Cousins Properties Incorporated at 0.7x EV / Revenue and 8.8x EV / EBITDA. Sep-2025 Paramount Group, Inc. → Empire State Realty Trust, Inc. n/a 0.7x 8.8x Paramount Group, Inc. pursued Empire State Realty Trust, Inc. at 0.7x EV / Revenue and 8.8x EV / EBITDA. The transaction was terminated. Jul-2025 MCME Carell Holdings, LP → City Office REIT, Inc. $901M n/a n/a MCME Carell Holdings, LP announced a transaction involving City Office REIT, Inc. with a recorded value of $901M. Apr-2024 Investindustrial VI L.P. (World Confectionary Group S.a r.l.) → Natra S.A. n/a n/a 5.5x Investindustrial VI L.P. (World Confectionary Group S.a r.l.) announced a transaction involving Natra S.A. at 5.5x EV / EBITDA. Sep-2023 W.P. Carey Inc. → Net Lease Office Properties $0M n/a n/a W.P. Carey Inc. completed a transaction involving Net Lease Office Properties, illustrating a portfolio-focused path within the transaction record. Apr-2021 Realty Income Corporation → Orion Office REIT Inc. $383M n/a n/a Realty Income Corporation completed a transaction involving Orion Office REIT Inc. with a recorded value of $383M. Apr-2021 Highwoods Properties, Inc. → Preferred Apartment Communities, Inc. $769M n/a n/a Highwoods Properties, Inc. announced a transaction involving Preferred Apartment Communities, Inc. with a recorded value of $769M. Aug-2018 Office JV → 21 office assets $726M n/a n/a Office JV completed the acquisition of 21 office assets with a recorded value of $726M. Jul-2018 n/a → SL Green Realty Corp. $16.6B 12.2x n/a The announced transaction involving SL Green Realty Corp. carried a recorded value of $16.6B and 12.2x EV / Revenue.

  20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (49 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 13 transactions with disclosed terms in this tier (49 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 79 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2018 Brookfield Asset Management Inc. → Forest City Realty Trust, Inc. n/a 0.7x 8.8x Nov-2017 Undisclosed buyer → Piedmont Office Realty Trust, Inc. $4.6B 8.0x 14.0x Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Jan-2016 Brookfield Asset Management Inc. → Rouse Properties, Inc. n/a 12.0x 10.2x n/a City Office Real Estate Management → City Office REIT n/a 3.0x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.

  21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Office REITs Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Office REITs and it clears the coverage gate with 10 of 12 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 20 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 334 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (333) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  22. 22

    Observed Valuation Varies with Portfolio Mix, Margins and Company-Specific Durability.

    Observed Valuation Varies with Portfolio Mix, Margins and Company-Specific Durability..

    Closing — Observed Valuation Varies with Portfolio Mix, Margins and Company-Specific Durability. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    Observed Valuation Varies with Portfolio Mix, Margins and Company-Specific Durability. NeuraCap AI — Office REITs Coverage September 2026 · Prepared by NeuraCap AI · Confidential Office REITs Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Office REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Office REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Office REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Assets Trust, Inc. (AAT), Alexander's, Inc. (ALX), Alexandria Real Estate Equities, Inc. (ARE), BXP, Inc. (BXP), Cousins Properties Incorporated (CUZ), Easterly Government Properties, Inc. (DEA), Douglas Emmett, Inc. (DEI), Highwoods Properties, Inc. (HIW), Hudson Pacific Properties, Inc. (HPP), Kilroy Realty Corporation (KRC), Orion Properties Inc. (ONL), Piedmont Office Realty Trust, Inc. (PDM). The market map groups them by business vertical — Office REITs: 10 companies (ARE, BXP, KRC, CUZ, DEI, HIW, PDM, DEA, HPP, ONL); Adjacent models: 2 companies (AAT, ALX). 10 of the 12 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Office REITs (Real Estate › Equity Real Estate Investment Trusts (REITs) › Office REITs) with market data and consensus estimates as of September 28, 2026. The company universe is the 12 listed companies whose core business is Office REITs according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: American Assets Trust, Inc. (AAT), Alexander's, Inc. (ALX), Alexandria Real Estate Equities, Inc. (ARE), BXP, Inc. (BXP), Cousins Properties Incorporated (CUZ), Easterly Government Properties, Inc. (DEA), Douglas Emmett, Inc. (DEI), Highwoods Properties, Inc. (HIW), Hudson Pacific Properties, Inc. (HPP), Kilroy Realty Corporation (KRC), Orion Properties Inc. (ONL), Piedmont Office Realty Trust, Inc. (PDM). The market map groups them by business vertical — Office REITs: 10 companies (ARE, BXP, KRC, CUZ, DEI, HIW, PDM, DEA, HPP, ONL); Adjacent models: 2 companies (AAT, ALX). 10 of the 12 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

20 records failed a validation gate and never feed a statistic in this report (2 excluded from universe; 2 quarantined; 16 excluded from aggregate). Each exclusion, with its reason: BPYPP — The ticker BPYPP carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · NLOP — The ticker NLOP carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe) · ARE — Implied EBITDA margin 93.6% outside the plausible band [-100%, 80%] (effect: quarantined) · ARE — Implied EBITDA margin 90.6% outside the plausible band [-100%, 80%] (effect: quarantined) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ARE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DEI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DEI — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HPP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HPP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HPP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · HPP — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ONL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ONL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · ONL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PDM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PDM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PDM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · PDM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Office REITs and it clears the coverage gate with 10 of 12 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 10 of 12 companies; EV / rEVenue: 12 of 12 companies; P/E: 7 of 12 companies. 5 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥13.0x, Core 10.4x–13.0x, Discount <10.4x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.9x = median(ev_ebitda CY2027E) (10 rated companies) · 13.5x = median(ev_ebitda CY2027E) within Premium tier (n=3) · 11.9x = median(ev_ebitda CY2027E) within Core tier (n=4) · 6.9x = median(ev_ebitda CY2027E) within Discount tier (n=3) · 11.9x = median(ev_ebitda CY2027E) | growth ≥ 3% (n=5) · 11.8x = median(ev_ebitda CY2027E) | growth < 3% (n=5) · 12.7x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 58% (n=5) · 10.0x = median(ev_ebitda CY2027E) | EBITDA margin < 58% (n=5) · 60% = median Rule of 40 score (revenue growth + EBITDA margin) (n=10) · 12.7x = median(ev_ebitda CY2027E) within balanced quadrant (n=3) · 12.7x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=2) · 7.1x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=2) · 11.7x = median(ev_ebitda CY2027E) within neither quadrant (n=3) · 10.0x = ev_ebitda CY2027E for PDM (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Office REITs recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 49 transactions were recorded for this industry; 13 are shown. 36 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 32 × deal value unit unresolved; 26 × no evidence record; 9 × duplicate precedent id; 4 × divestiture roles reassigned; 8 × financial target ev not meaningful. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 338 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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