Easterly Government Properties, Inc. (DEA) vs Net Lease Office Properties (NLOP)

Easterly Government Properties, Inc. and Net Lease Office Properties are both Reit Office companies. Easterly Government Properties, Inc. is the larger, with a market value of $1.1B against $133.6M — 8.0× the size. Net Lease Office Properties trades at the lower P/E: 7.5× against 72.3×. Easterly Government Properties, Inc. grew revenue faster over the last twelve months: 11.4% against −55.1%. Net Lease Office Properties has the higher net margin (34.8% vs 3.98%) and the lower return on invested capital (−0.99% vs 2.01%). Both pay a dividend; Net Lease Office Properties yields more (44.3% vs 10.0%). Across the 21 metrics below, Net Lease Office Properties leads on 15 and Easterly Government Properties, Inc. on 6.

Valuation

Metric DEA NLOP Reit Office median
P/E 72.35 7.53 28.35
P/S 2.92 2.64 2.77
P/B 0.79 0.82 0.82
Price to free cash flow 622.07 0.45 13.95
EV/EBITDA 11.96 9.63 12.41
EV/Sales 6.67 2.47 6.90
Earnings yield 1.38% 13.27% (2.06%)
Free cash flow yield 0.16% 221.94% 6.73%

Profitability

Metric DEA NLOP Reit Office median
Gross margin 67.51% 88.14% 60.87%
Operating margin 23.90% (4.13%) 17.78%
Net margin 3.98% 34.79% (2.87%)
Free cash flow margin 0.47% 585.16% 14.89%
Return on equity 1.06% 6.02% (1.07%)
Return on assets 0.43% 5.15% (0.34%)
Return on invested capital 2.01% (0.99%) 1.33%

Growth

Metric DEA NLOP Reit Office median
Revenue growth (TTM) 11.40% (55.11%) 2.67%
EPS growth (last fiscal year) (40.00%) (58.74%) 8.85%
Revenue growth, 5-year CAGR 6.52% — 3.91%
Net income growth, 5-year CAGR 1.68% — 0.00%

Health

Metric DEA NLOP Reit Office median
Debt to equity 1.24 0.00 1.24
Current ratio 3.50 2.40 1.98
Net debt to EBITDA 6.86 1.63 6.86

Dividend

Metric DEA NLOP Reit Office median
Dividend yield 10.00% 44.28% 4.16%
Payout ratio 7.27 3.34 3.34

Size

Metric DEA NLOP Reit Office median
Market cap 1.07b 133.63m 1.22b

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