Featured Tickers:

ESRT

NLOP

PKST

Based on key financial metrics such as the price-to-sales ratio, shareholder yield and the price-earnings ratio, the following 3 stocks made the list for top value stocks in the Office REITs industry. Those looking for value stocks to add to their portfolio may want to use this list as a starting point for further investment research.

Why Focus on Undervalued Office REITs Stocks?

Value investors seek to buy stocks at a discount to their intrinsic value. Long-term returns show that such strategies are advantageous. Value stocks, as a group, tend to outperform growth stocks over extended periods of time. Typically, value investors perform financial analysis of numerous metrics, don’t follow the herd and are long-term investors.

AAII’s A+ Investor Value Grade is derived from a stock’s Value Score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.

What Goes Into AAII’s Value Grade?

Stock evaluation requires access to huge amounts of data as well as the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movement. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors with that task.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A–F grades for more than just value. It is possible for a stock to appear cheap based on one valuation metric but appear expensive on another. It is also possible for one valuation ratio to be associated with outperforming stocks during certain periods of time but not others. Some stocks may even have null values for certain metrics like the price-earnings ratio or the price-to-book ratio but not others. An example of this would be a company with losses instead of profits or a negative book value because of heavy borrowing. Negative earnings or book value result in non-meaningful ratios that are left blank or null.

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3 Undervalued Office REITs Stocks

Of course, there are countless value stocks that are worth mentioning, but this is a concise list of the top 3 undervalued stocks in the Office REITs industry for Wednesday, February 11, 2026. Let’s take a closer look at their individual scores to see how they measure up against each other and the Office REITs industry median.

Company	Ticker	Price/Sales	Price/Earnings	EV/EBITDA	Shareholder Yield	Price/Book Value	Price/Free Cash Flow	Value Grade
Empire State Realty Trust, Inc.	ESRT	1.48	33.2	12.8	(0.6%)	1.11	4.8	B
Net Lease Office Properties	NLOP	2.53	na	8.2	(0.2%)	0.68	5.6	A
Peakstone Realty Trust	PKST	3.44	na	9.9	0.8%	1.03	11.4	B

The Value Grade is assigned based on how each stock’s composite valuation compares to all other stocks.

The process for assigning grades starts with each variable for a given stock. The percentile rankings for all valid ratios that a stock has are calculated. So, for instance, a stock could have a price-to-book ranking in the 43rd percentile, a price-earnings ranking in the 67th percentile, a price-to-sales ranking in the 23rd percentile, etc. Then, those rankings are averaged for each stock. (A minimum of two valid variables are required, though all six will be used if available.)

Once the average of the individual variables is calculated, that average is ranked against all stocks. Put another way, each stock’s composite valuation is compared to all other stocks. These ranks are then sorted into quintiles from the cheapest 20% (a grade of A) to the most expensive 20% (a grade of F).

As always, we recommend that you conduct proper due diligence and research before investing in any security. We also suggest that investors utilize numerous grades, not just value, when it comes to deciding whether a company is a good fit for their allocation needs.

Empire State Realty Trust, Inc.’s Value Grade

Value Grade:

Metric	Score	ESRT	Industry Median
Price/Sales	41	1.48	2.79
Price/Earnings	72	33.2	33.2
EV/EBITDA	50	12.8	13.9
Shareholder Yield	53	(0.6%)	1.3%
Price/Book Value	27	1.11	0.85
Price/Free Cash Flow	9	4.8	12.1

Empire State Realty Trust, Inc. is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenities, and well-located office, retail, and multifamily assets. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2025, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

Empire State Realty Trust, Inc. has a Value Score of 61, which is considered to be undervalued.

When you look at Empire State Realty Trust, Inc.’s price-to-sales ratio at 1.48 compared to the industry median at 2.79, this company has a lower price relative to revenue compared to its peers. This could make Empire State Realty Trust, Inc.’s stock more attractive for value investors.

Empire State Realty Trust, Inc.’s price-earnings ratio is 33.20 compared to the industry median at 33.20. This means it has a similar share price relative to earnings compared to its peers. This could make Empire State Realty Trust, Inc. fairly attractive for value investors.

Now, let’s assess Empire State Realty Trust, Inc.’s EV/EBITDA ratio, also known as enterprise multiple. At 12.8, when compared to the industry median of 13.9, the company may be considered undervalued in relation to its peers. Value investors could use the enterprise multiple to identify stocks that are considered overvalued or undervalued relative to their industry.

Shareholder yield is the sum of a stock’s dividend yield (paid over previous 12 months minus special dividends) and the percentage of net share buybacks over the previous 12 months. Empire State Realty Trust, Inc.’s shareholder yield is lower than its industry median ratio of 1.30%. Value investors may look for an attractive shareholder yield because it can be a powerful tool for identifying if the company has a good management team.

As one of the most common value metrics, the price-to-book ratio evaluates a company’s current market price relative to its book value. Empire State Realty Trust, Inc.’s price-to-book ratio is higher than its industry median ratio of 0.85. This could make Empire State Realty Trust, Inc. less attractive to investors looking for a new addition to their portfolio.

Lastly, let’s take a look at Empire State Realty Trust, Inc.’s price-to-free-cash-flow ratio (P/FCF), which can indicate a company’s market value relative to its operating cash flow. Empire State Realty Trust, Inc.’s price-to-free-cash-flow ratio is lower than its industry median ratio of 12.10. This could make Empire State Realty Trust, Inc. more attractive because the lower P/FCF ratio indicates that Empire State Realty Trust, Inc. is undervalued. The P/FCF ratio metric can also be viewed over a long-term time frame to see if the company's cash flow to share price value is generally improving or worsening.

Net Lease Office Properties’s Value Grade

Value Grade:

Metric	Score	NLOP	Industry Median
Price/Sales	56	2.53	2.79
Price/Earnings	na	na	33.2
EV/EBITDA	25	8.2	13.9
Shareholder Yield	50	(0.2%)	1.3%
Price/Book Value	14	0.68	0.85
Price/Free Cash Flow	12	5.6	12.1

Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 37 high-quality office properties, totaling approximately 5.5 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 41 corporate tenants operating in a variety of industries, generating annualized based rent (ABR) of approximately $88 million. NLOP’s business plan is to focus on realizing value for its shareholders primarily through strategic asset management and disposition of its property portfolio over time. Given WPC’s extensive knowledge of the portfolio, NLOP is externally managed and advised by wholly owned affiliates of WPC to successfully execute on its business strategy. Over the course of its more than 50-year history, WPC has developed significant expertise in the single-tenant office real estate sector, including the operation, leasing, acquisition and development of assets through many market cycles, and has a proven track record of execution.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

Net Lease Office Properties has a Value Score of 81, which is considered to be undervalued.

Net Lease Office Properties’s price-to-book ratio is higher than its peers. This could make Net Lease Office Properties less attractive for value investors when compared to the industry median at 0.85.

You can read more about Net Lease Office Properties’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.

Peakstone Realty Trust’s Value Grade

Value Grade:

Metric	Score	PKST	Industry Median
Price/Sales	66	3.44	2.79
Price/Earnings	na	na	33.2
EV/EBITDA	34	9.9	13.9
Shareholder Yield	38	0.8%	1.3%
Price/Book Value	25	1.03	0.85
Price/Free Cash Flow	27	11.4	12.1

Peakstone Realty Trustis a real estate investment trust executing a strategic transition to become an industrial-only REIT, targeting growth in the industrial outdoor storage sector. As part of this transition, the Company is actively reshaping its portfolio by divesting its office properties and increasing its exposure to IOS. The Company’s fiscal year ends on December 31, 2025. PKST OP, L.P., our operating partnership, owns, directly and indirectly all of the Company’s assets. As of June 30, 2025, the Company owned, directly and indirectly through a wholly-owned subsidiary, approximately 92.6% of the outstanding common units of limited partnership interest in the Operating Partnership. As of June 30, 2025, our portfolio is comprised of 94 properties, consisting of 89 operating properties and 5 redevelopment properties (those designated for redevelopment or repositioning) reported in two segments - Industrial and Office.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are value and so on.

Peakstone Realty Trust has a Value Score of 68, which is considered to be undervalued.

Peakstone Realty Trust’s price-to-book ratio is lower than its peers. This could make Peakstone Realty Trust more attractive for value investors when compared to the industry median at 0.85.

You can read more about Peakstone Realty Trust’s key financial metrics like shareholder yield, price-to-free-cash-flow and EV/EBITDA ratio, or learn more about its Momentum and Growth Grades, by subscribing to A+ Investor.

Other Office REITs Stock Grades

Value is just one of the five Stock Grades included in our A+ Investor service. AAII members can see the top-graded stocks—those with grades of A or B for value, growth, momentum, earnings estimate revisions and quality—on the A+ Stock Grades Screener.

Also, if you want full access to all of AAII’s premium services, you can subscribe to one convenient bundled plan called AAII Platinum where you can try out A+ Investor, AAII Dividend Investing, the Stock Superstars Report, Growth Investing and VMQ Stocks. With the other premium services, you can dive deep into additional metrics, portfolios, commentary and information about Office REITs stocks as well as other industrys.

Choosing Which of the 3 Best Office REITs Stocks Is Right for You

Choosing which value stocks to invest in will ultimately depend on your individual goals and allocation; however, comparing similar value stocks in the same industry can help you analyze which might be better investments for you in the long run. So, let’s take a look at the Value Grade for all of our stocks.

Empire State Realty Trust, Inc. stock has a Value Grade of B.
Net Lease Office Properties stock has a Value Grade of A.
Peakstone Realty Trust stock has a Value Grade of B.

Now that you have a bit more background about each of the 3 undervalued stocks in the Office REITs industry as well as their overall grades, it’s time for you to conduct additional research to see if these could fit your portfolio needs based on your goals and risk tolerance. AAII can help you figure out both and identify which investments align with what works best for you.

We do so through a program of education that teaches you to invest for yourself and become an effective manager of your own wealth—no more relying on others for your financial independence. You can rely on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis that makes you a better investor.

A+ Investor adds to that qualitative teaching by giving you a powerful data suite that helps you whittle down investment decisions to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

Additional Resources About Office REITs Stocks

Want to learn more about Office REITs stocks to see if they could be the right investment for you? Check out some additional resources and articles to help you on your financial journey.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith and we accept no liability for any errors or omissions. The full disclaimer can be read here.