BRT Apartments Corp. (BRT) vs Millrose Properties, Inc. (MRP)

BRT Apartments Corp. and Millrose Properties, Inc. are both Reit Residential companies. Millrose Properties, Inc. is the larger, with a market value of $3.4B against $256.3M — 13.4× the size. BRT Apartments Corp. has negative trailing earnings, so its P/E is not meaningful; Millrose Properties, Inc. trades at 7.8×. Millrose Properties, Inc. has the higher net margin (62.6% vs −13.2%) and the higher return on invested capital (4.35% vs 1.14%). Both pay a dividend; Millrose Properties, Inc. yields more (13.6% vs 7.41%). Across the 17 metrics below, Millrose Properties, Inc. leads on 11 and BRT Apartments Corp. on 6.

Valuation

Metric BRT MRP Reit Residential median
P/E n/m 7.84 29.43
P/S 2.48 4.91 5.21
P/B 1.51 0.64 1.83
Price to free cash flow 29.86 n/m 17.92
EV/EBITDA 16.38 10.70 15.85
EV/Sales 7.41 9.44 8.04
Earnings yield (5.19%) 12.76% 2.39%
Free cash flow yield 3.35% (33.16%) 4.10%

Profitability

Metric BRT MRP Reit Residential median
Gross margin 100.00% 85.31% 58.73%
Operating margin 11.99% 85.11% 20.57%
Net margin (13.22%) 62.60% 20.81%
Free cash flow margin 8.30% (162.90%) 20.24%
Return on equity (7.34%) 8.12% 6.86%
Return on assets (1.86%) 5.39% 3.17%
Return on invested capital 1.14% 4.35% 2.03%

Growth

Metric BRT MRP Reit Residential median
Revenue growth (TTM) 1.18% — 2.66%
EPS growth (last fiscal year) (21.15%) — 19.50%
Revenue growth, 5-year CAGR 28.12% — 7.53%
Net income growth, 5-year CAGR 0.00% — 3.76%

Health

Metric BRT MRP Reit Residential median
Debt to equity 3.16 0.59 0.78
Current ratio 1.75 0.08 0.54
Net debt to EBITDA 10.98 5.93 4.27

Dividend

Metric BRT MRP Reit Residential median
Dividend yield 7.41% 13.64% 5.06%
Payout ratio — 1.07 1.22

Size

Metric BRT MRP Reit Residential median
Market cap 256.34m 3.43b 3.55b

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