Office REITs: 1Q26 earnings weekly recap: AHRT, DEI, HPP & VNO

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Office REITs: 1Q26 earnings weekly recap: AHRT, DEI, HPP & VNO

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Office REITs

1Q26 earnings weekly recap: AHRT, DEI,

HPP & VNO

Price Objective Change

Another solid week with 1Q beats & guidance bumps 11 May 2026

1Q26 earnings closed strong with continued 1Q beats and 2026 guidance bumps. Equity

Similar to last week (see our recap report), the beats and bumps were driven by a mix of United States

core and non-core. Importantly, leasing remains active across markets with incremental REITs

momentum on the West Coast. However, the macro environment continues to pose risks Jana Galan

to refinancing plans and valuation. We reiterate our Neutral rating on HPP and VNO and Research Analyst

our Underperform rating on AHRT and DEI based on these factors and relative valuation. BofAS+1 646 855-5042

jana.galan@bofa.com

Reiterate mixed view; higher rates a negative for Office Jeffrey Spector

Office fundamentals continue to improve, despite the volatile macroeconomic ResearchBofAS Analyst

environment. Following recent hawkish Fed commentary and last week’s above-target +1 646 855 1363 jeff.spector@bofa.com

inflation data, BofA’s US Economics team no longer expects rate cuts in 2026. Their

Andrew Berger

prior call for two rate cuts in 2H26 has been pushed back roughly one year to 3Q27 (see Research Analyst

Econ report). Higher for longer interest rates is particularly negative for the Office BofAS

+1 646 855 1589

sector, as Office REITs operate with the highest leverage vs. other REIT sectors. andrew.berger2@bofa.com

Additionally, most Office REITs are actively engaged in capital recycling and/or joint REITs Team

venture fundraising initiatives, which are core to their 2026 business plans. While the BofAS