Alexandria Real Estate Equities, Inc. (ARE) vs COPT Defense Properties (CDP)

Alexandria Real Estate Equities, Inc. and COPT Defense Properties are both Reit Office companies. Alexandria Real Estate Equities, Inc. is the larger, with a market value of $9.1B against $7.6B — 1.2× the size. Alexandria Real Estate Equities, Inc. has negative trailing earnings, so its P/E is not meaningful; COPT Defense Properties trades at 23.5×. COPT Defense Properties grew revenue faster over the last twelve months: 4.50% against −8.40%. COPT Defense Properties has the higher net margin (20.9% vs −36.3%) and the higher return on invested capital (3.58% vs 1.06%). Both pay a dividend; COPT Defense Properties yields more (5.00% vs 4.37%). Across the 22 metrics below, Alexandria Real Estate Equities, Inc. leads on 11 and COPT Defense Properties on 11.

Valuation

Metric ARE CDP Reit Office median
P/E n/m 23.53 38.94
P/S 3.00 4.88 2.92
P/B 0.44 2.42 0.78
Price to free cash flow 4.96 23.89 14.22
EV/EBITDA 11.58 15.40 12.77
EV/Sales 7.35 8.15 7.03
Earnings yield (12.14%) 4.25% (3.43%)
Free cash flow yield 20.14% 4.19% 5.85%

Profitability

Metric ARE CDP Reit Office median
Gross margin 68.20% 58.05% 60.53%
Operating margin 18.87% 30.31% 16.84%
Net margin (36.32%) 20.94% (8.23%)
Free cash flow margin 60.45% 20.41% 16.39%
Return on equity (5.05%) 10.50% (2.66%)
Return on assets (2.86%) 3.73% (0.95%)
Return on invested capital 1.06% 3.58% 1.32%

Growth

Metric ARE CDP Reit Office median
Revenue growth (TTM) (8.40%) 4.50% 1.08%
EPS growth (last fiscal year) (568.89%) 8.94% —
Revenue growth, 5-year CAGR 9.93% 5.58% 4.37%
Net income growth, 5-year CAGR 0.00% 9.36% 0.00%

Health

Metric ARE CDP Reit Office median
Debt to equity 0.67 1.64 1.20
Current ratio 0.19 2.89 2.43
Net debt to EBITDA 6.02 6.21 6.91

Dividend

Metric ARE CDP Reit Office median
Dividend yield 4.37% 5.00% 6.16%
Payout ratio 1.43 0.67 1.38

Size

Metric ARE CDP Reit Office median
Market cap 9.08b 7.64b 1.39b

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