Brandywine Realty Trust (BDN) vs Piedmont Realty Trust, Inc. (PDM)

Brandywine Realty Trust and Piedmont Realty Trust, Inc. are both Reit Office companies. Piedmont Realty Trust, Inc. is the larger, with a market value of $1.2B against $540.7M — 2.3× the size. Brandywine Realty Trust grew revenue faster over the last twelve months: 3.52% against 2.85%. Piedmont Realty Trust, Inc. has the higher net margin (−15.2% vs −27.8%) and the lower return on invested capital (1.33% vs 2.18%). Only Brandywine Realty Trust pays a dividend (9.85%). Across the 20 metrics below, Brandywine Realty Trust leads on 12 and Piedmont Realty Trust, Inc. on 8.

Valuation

Metric BDN PDM Reit Office median
P/E n/m n/m 28.35
P/S 1.11 2.14 2.77
P/B 0.86 0.86 0.82
Price to free cash flow 1.09 n/m 13.95
EV/EBITDA 9.01 10.94 12.41
EV/Sales 5.28 6.16 6.90
Earnings yield (24.62%) (7.10%) (2.06%)
Free cash flow yield 91.42% (2.62%) 6.73%

Profitability

Metric BDN PDM Reit Office median
Gross margin 59.51% 60.14% 60.87%
Operating margin 19.05% 13.80% 17.78%
Net margin (27.80%) (15.18%) (2.87%)
Free cash flow margin 101.70% (5.61%) 14.89%
Return on equity (18.65%) (5.91%) (1.07%)
Return on assets (4.24%) (2.18%) (0.34%)
Return on invested capital 2.18% 1.33% 1.33%

Growth

Metric BDN PDM Reit Office median
Revenue growth (TTM) 3.52% 2.85% 2.67%
EPS growth (last fiscal year) 8.85% (4.69%) 8.85%
Revenue growth, 5-year CAGR (1.96%) 1.10% 3.91%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BDN PDM Reit Office median
Debt to equity 3.70 1.62 1.24
Current ratio 3.48 1.40 1.98
Net debt to EBITDA 11.12 7.13 6.86

Dividend

Metric BDN PDM Reit Office median
Dividend yield 9.85% 0.00% 4.16%
Payout ratio — — 3.34

Size

Metric BDN PDM Reit Office median
Market cap 540.68m 1.22b 1.22b

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