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Cycle Long '24: Upscale Office REIT
3 tickers · $12.47B total market cap
Group: Cycle Long
The thesis for upscale office REITs like KRC, SLG, and VNO in Spring 2025 is mixed. While these REITs are poised to benefit from a potential economic recovery and increased demand for premium office spaces, challenges such as hybrid work models and elevated interest rates pose risks. The market's optimism about rate cuts could improve leasing activity and valuations. However, ongoing uncertainty in office space demand dynamics remains a significant concern.
Cycle Long '24: Upscale Office REIT tracks 3 publicly listed stocks in this theme: KRC, SLG, VNO. See the constituent table for details.
Thesis update: 2025-04-01
Constituents
Build 20260520T081747
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Vornado Realty TrustVNO | 05/04/2026 (AMC) | 05/04/2026 (AMC) | -2.39% | 0.20% | -1.92% | 0.20% | $5.70B | 33.3333 |
Kilroy Realty CorporationKRC | 04/27/2026 (AMC) | 04/27/2026 (AMC) | -6.72% | 7.03% | 1.55% | -2.05% | $3.89B | 33.3333 |
SL Green Realty Corp.SLG | 04/15/2026 (AMC) | 04/15/2026 (AMC) | 2.80% | 0.37% | -7.03% | -0.59% | $2.89B | 33.3333 |
| Average | -2.10% | 2.53% | -2.47% | -0.81% | $4.16B | 33.3333 | ||
| Median | -2.39% | 0.37% | -1.92% | -0.59% | $3.89B | 33.3333 | ||
| Std Dev | 3.89% | 3.18% | 3.53% | 0.93% | $1.17B | 0.0% | ||
| Min | -6.72% | 0.20% | -7.03% | -2.05% | $2.89B | 33.3333 | ||
| Max | 2.80% | 7.03% | 1.55% | 0.20% | $5.70B | 33.3333 | ||
| % Positive Tickers | 33.33% | 100.00% | 33.33% | 33.33% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.