Brandywine Realty Trust (BDN) vs Net Lease Office Properties (NLOP)

Brandywine Realty Trust and Net Lease Office Properties are both Reit Office companies. Brandywine Realty Trust is the larger, with a market value of $540.7M against $133.6M — 4.0× the size. Brandywine Realty Trust has negative trailing earnings, so its P/E is not meaningful; Net Lease Office Properties trades at 7.5×. Brandywine Realty Trust grew revenue faster over the last twelve months: 3.52% against −55.1%. Net Lease Office Properties has the higher net margin (34.8% vs −27.8%) and the lower return on invested capital (−0.99% vs 2.18%). Both pay a dividend; Net Lease Office Properties yields more (44.3% vs 9.85%). Across the 20 metrics below, Net Lease Office Properties leads on 13 and Brandywine Realty Trust on 7.

Valuation

Metric BDN NLOP Reit Office median
P/E n/m 7.53 28.35
P/S 1.11 2.64 2.77
P/B 0.86 0.82 0.82
Price to free cash flow 1.09 0.45 13.95
EV/EBITDA 9.01 9.63 12.41
EV/Sales 5.28 2.47 6.90
Earnings yield (24.62%) 13.27% (2.06%)
Free cash flow yield 91.42% 221.94% 6.73%

Profitability

Metric BDN NLOP Reit Office median
Gross margin 59.51% 88.14% 60.87%
Operating margin 19.05% (4.13%) 17.78%
Net margin (27.80%) 34.79% (2.87%)
Free cash flow margin 101.70% 585.16% 14.89%
Return on equity (18.65%) 6.02% (1.07%)
Return on assets (4.24%) 5.15% (0.34%)
Return on invested capital 2.18% (0.99%) 1.33%

Growth

Metric BDN NLOP Reit Office median
Revenue growth (TTM) 3.52% (55.11%) 2.67%
EPS growth (last fiscal year) 8.85% (58.74%) 8.85%
Revenue growth, 5-year CAGR (1.96%) — 3.91%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric BDN NLOP Reit Office median
Debt to equity 3.70 0.00 1.24
Current ratio 3.48 2.40 1.98
Net debt to EBITDA 11.12 1.63 6.86

Dividend

Metric BDN NLOP Reit Office median
Dividend yield 9.85% 44.28% 4.16%
Payout ratio — 3.34 3.34

Size

Metric BDN NLOP Reit Office median
Market cap 540.68m 133.63m 1.22b

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