Office REIT Dividends, Occupancy and Debt Compared (Q2 2026)

How to read the tables: ten companies, ten definitions

Every figure below is the company's own, from its own filing, and the columns are not the same measure at every company. Four differences matter most:

• Leased is not occupied. Leased includes signed leases that have not started. BXP says its spread between the two is 290 basis points, about 1.3 million square feet of leases yet to commence. Hudson Pacific, Douglas Emmett and BXP give both; SL Green and Cousins give a leased figure; Brandywine, Highwoods and Vornado give occupancy; Kilroy gives a percentage occupied.
• Lease expirations come in different windows. Hudson Pacific, Kilroy, BXP, OPI and Brandywine give expirations as of June 30, 2026 in their 10-Qs. SL Green, Vornado, Cousins, Douglas Emmett and Highwoods give the schedule in their 10-Ks (we found none in their 10-Qs), so those numbers are as of December 31, 2025 and still include 2026 months that have passed. We label every cell. Some are a share of rent, some of square feet.
• Debt due is each company's own table. SL Green, BXP, Kilroy, Brandywine and Douglas Emmett publish a year-by-year table. Hudson Pacific, Cousins and Highwoods list loans with dates, and we add those up (our arithmetic). Vornado's 10-Q has no maturity schedule.
• Leverage is not one ratio. Only Hudson Pacific, Kilroy and Highwoods give a ratio of debt to market capitalization, assets or book value in the 10-Q. The others give covenant compliance or average maturity. We do not compute a net debt to EBITDA, which none of the ten gives in the 10-Q.

Dividends: three cuts, two with no quarterly payout, one reset by bankruptcy

Dividend is the common amount declared for the quarter ended June 30. Change is the later quarter against the earlier (our arithmetic).

Two things are easy to miss. Vornado and Hudson Pacific show a zero in the quarterly table for different reasons: Vornado pays once a year by policy, so a zero in Q2 says nothing about a cut; Hudson Pacific has paid nothing in either year, and its debt is 70.0% of its market capitalization (company figure, below). And Brandywine's credit agreement does more than cap its payout: since April 1, 2026 it limits dividends to 95% of FFO unless REIT rules require more.

What happened to Office Properties Income Trust, and what became of its old shares

Office Properties Income Trust (OPI) filed for Chapter 11 on October 30, 2025 and emerged on June 17, 2026. The company is still filing with the SEC: its 10-Q for June 30, 2026 was filed on August 6, 2026 and it filed 8-Ks on September 10 and September 24, 2026. But the company in those filings is a different capital structure from the one that paid a $0.01 dividend in 2025.

The 10-Q gives the sequence. On October 30, 2025 OPI and certain subsidiaries filed in the Southern District of Texas, Houston Division, with a restructuring support agreement from certain holders of its 9.00% senior secured notes due September 2029. Certain holders of those notes provided $125.0 million of debtor-in-possession financing. The court confirmed the plan on April 22, 2026, and on June 17, 2026 “the Debtors emerged from the Chapter 11 Cases.”

What each group got, from the 10-Q:

• Old common shareholders. All common shares outstanding before the effective date “were deemed cancelled, discharged and of no force or effect.” There were 73,941,128 of them at December 31, 2025. The 10-Q's description of the plan gives them no other treatment.
• Holders of the old September 2029 notes received $420.0 million of new 10.000% senior secured notes due 2031 and 6,183,467 new common shares.
• The DIP lenders' claims were settled in 11,056,417 new shares. A rights offering at $17.00 a share issued 2,150,506 shares.
• In a settlement with certain holders of the old 3.25% notes due 2027, a subsidiary issued $385.0 million of new 8.375% senior secured notes due 2029. The 9.00% notes due March 2029 ($300.0 million) were reinstated.
• Debt eliminated: about $714 million, in the company's words. The 10-Q says management concluded that the conditions that “raised substantial doubt” about its ability to continue as a going concern “have been alleviated.”

After emergence, OPI's secured debt, net, was $1,683.6 million at June 30, 2026 (against $889.6 million at December 31, 2025, when most of its debt sat in liabilities subject to compromise, $1,578.1 million). It owns 122 properties and 17.1 million square feet, 77.9% leased, with 211 tenants; the U.S. government is its largest tenant at 18.0% of annualized rental income, and leases for 14.4% of annualized rental income expire on or before December 31, 2027. It has identified 32 properties for sale.

The next step is the credit agreement. At June 30 it had $425.0 million outstanding, due January 29, 2027, at SOFR plus 550 basis points rising to 750 basis points on January 1, 2027. On September 24, 2026 OPI issued $425.0 million of 8.75% senior secured notes due 2031 and used the proceeds, with cash on hand, to repay all borrowings under its secured revolving credit facility and secured term loan (8-K filed that day). So the January 2027 maturity is gone, at a higher stated rate. The 2029 Secured Exit Notes still require $50.0 million of principal payments in the twelve months after the 10-Q.

What the 10-Q does not tell you is the price or tax treatment of the cancelled shares for any holder. That depends on your own records; this page cannot say.

Occupancy and lease expirations, each on its own basis

The two with the heaviest near-term rollover on these numbers are Douglas Emmett (31.1% of rent expiring in 2026 and 2027 as of December 31, 2025, with occupancy already down to 75.6%) and Hudson Pacific (19.1% of rent in the rest of 2026 and 2027). The lightest is Kilroy at 7.1% and BXP at 4.6% of square feet; those are different bases and a different date, so treat the ranking as direction, not a league table.

Debt due through 2027, as of June 30, 2026, and what changed after

“Due through 2027” is the remainder of 2026 plus 2027 on each company's own table (Douglas Emmett's is the 24 months to June 30, 2028, with extension options included). Hudson Pacific, Cousins and Highwoods do not publish a year-by-year table in the 10-Q, so we add the loans that carry dates in those years (our arithmetic).

“None found” means the EDGAR filing list for that company, run on October 15, 2026, shows no 8-K after the 10-Q other than earnings or routine items. We read the 8-Ks that carry Item 8.01, 2.01 or 7.01 debt news (Hudson Pacific, OPI, BXP, Brandywine); we did not read the earnings 8-Ks and their press releases, which can contain guidance the 10-Qs do not.

FFO against the dividend, where the 10-Q lets you do it

FFO is each company's Nareit funds from operations. Some give a per-share figure and some only dollars, so the payout in the last column is our arithmetic where both pieces are in the filing and “not computed” where they are not.

Read the two cut-and-covered cases carefully. BXP and Brandywine cut and show 39% and 62% payouts; Kilroy, Cousins, Douglas Emmett and Highwoods did not cut and show 42% to 59%. A low payout is not a promise: Brandywine's credit facility sets the ceiling at 95% of FFO, and BXP's dividend policy says it distributes “at least 100% of its taxable income,” which includes asset-sale gains, so its rate follows taxable income and not only FFO.

What each filing shows as the main pressure

“Leverage” is the measure the 10-Q itself gives; where there is none, the cell says so.

How listed office REITs compare with non-traded vehicles

Listed REITs re-price every day and their dividend cuts show up as soon as they are declared. A non-traded REIT or interval fund with office assets reports a net asset value monthly or quarterly and sets its distribution against that. For how the two structures differ on exits, see non-traded REIT vs publicly traded REIT and the listing discount. For how REIT distributions are classified for tax, see REIT distributions and return of capital. For the maturity wall across all commercial property, see the commercial real estate debt maturity wall, and for the lenders on the other side of these loans, see our table of commercial mortgage REIT dividends and delinquencies.

What a reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are checks the filings let you run yourself:

• Compare the dividend with FFO per share in the filing itself, and check whether the company says anything about the rate: Brandywine's credit facility, Vornado's annual policy and OPI's $0.01 cap are all in the 10-Qs.
• Read lease expirations and debt due on the same date. A company with 19% of rent expiring and $1.5 billion of debt due (Hudson Pacific) is a different case from one with 4.6% of square feet expiring (BXP).
• If you held OPI before June 17, 2026, the 10-Q says the old shares were cancelled. How your broker recorded that, and what it means for your taxes, are in your own records and for a tax professional.
• Watch the next dates. Third-quarter 10-Qs have not been filed as of October 15, 2026; this year's second-quarter 10-Qs were filed between July 28 and August 10. Vornado's December dividend, Hudson Pacific's tender result and OPI's year-end are the next items.

If you hold office REITs or an office-heavy fund and are deciding whether to keep, trim or move the money, the filings above tell you what the companies reported, not what fits your own situation. A second opinion with your own numbers is a different thing from a filing summary.

FAQ

All figures are from SEC EDGAR filings read on October 15, 2026: Forms 10-Q for the quarter ended June 30, 2026 of SL Green Realty Corp. (accession 0001628280-26-054436), Vornado Realty Trust (0000899689-26-000046), Hudson Pacific Properties (0001482512-26-000069), Brandywine Realty Trust (0000790816-26-000029), Office Properties Income Trust (0001456772-26-000038), BXP (0001037540-26-000034), Kilroy Realty (0001628280-26-050215), Cousins Properties (0000025232-26-000063), Douglas Emmett (0001364250-26-000041) and Highwoods Properties (0000921082-26-000045); Forms 10-K for 2025 of SL Green (0001628280-26-008669), Vornado (0000899689-26-000009), Brandywine (0000790816-26-000008), Cousins (0000025232-26-000014), Douglas Emmett (0001364250-26-000011) and Highwoods (0000921082-26-000005); Forms 8-K of Hudson Pacific (0001482512-26-000073, 0001482512-26-000077), Brandywine (0000790816-26-000022, 0001193125-26-353237, 0000790816-26-000033, 0000790816-26-000038), OPI (0001104659-26-106769, 0001104659-26-110419) and BXP (0001037540-26-000037); and the EDGAR filing list for each company run on October 15, 2026. Our own arithmetic is labelled in the text and in the CSV. This is analysis of public documents, not investment, legal or tax advice.