American Assets Trust, Inc. (AAT) vs Global Net Lease, Inc. (GNL)

American Assets Trust, Inc. and Global Net Lease, Inc. are both Reit Diversified companies. Global Net Lease, Inc. is the larger, with a market value of $2.0B against $1.3B — 1.5× the size. Global Net Lease, Inc. has negative trailing earnings, so its P/E is not meaningful; American Assets Trust, Inc. trades at 74.4×. American Assets Trust, Inc. grew revenue faster over the last twelve months: −2.89% against −13.9%. American Assets Trust, Inc. has the higher net margin (4.09% vs −12.5%) and the lower return on invested capital (2.37% vs 4.14%). Both pay a dividend; Global Net Lease, Inc. yields more (19.0% vs 6.57%). Across the 22 metrics below, Global Net Lease, Inc. leads on 12 and American Assets Trust, Inc. on 10.

Valuation

Metric AAT GNL Reit Diversified median
P/E 74.41 n/m 23.72
P/S 2.98 3.93 3.28
P/B 1.24 1.20 0.87
Price to free cash flow 14.78 8.98 9.21
EV/EBITDA 12.49 7.52 11.57
EV/Sales 6.59 6.64 6.64
Earnings yield 1.34% (3.27%) 1.04%
Free cash flow yield 6.77% 11.13% 0.16%

Profitability

Metric AAT GNL Reit Diversified median
Gross margin 70.87% 88.78% 77.09%
Operating margin 22.77% 39.64% 33.33%
Net margin 4.09% (12.46%) 2.62%
Free cash flow margin 20.16% 43.76% 3.11%
Return on equity 1.64% (3.43%) 3.13%
Return on assets 0.61% (1.27%) 0.35%
Return on invested capital 2.37% 4.14% 2.80%

Growth

Metric AAT GNL Reit Diversified median
Revenue growth (TTM) (2.89%) (13.87%) 5.49%
EPS growth (last fiscal year) (2.13%) (59.21%) —
Revenue growth, 5-year CAGR 4.83% 8.45% 4.83%
Net income growth, 5-year CAGR 15.01% 0.00% 0.00%

Health

Metric AAT GNL Reit Diversified median
Debt to equity 1.61 0.94 1.13
Current ratio 2.46 0.16 1.47
Net debt to EBITDA 5.68 0.32 5.88

Dividend

Metric AAT GNL Reit Diversified median
Dividend yield 6.57% 19.04% 7.13%
Payout ratio 1.55 — 1.37

Size

Metric AAT GNL Reit Diversified median
Market cap 1.32b 2.00b 729.58m

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