Franklin Street Properties Corp. (FSP) vs Net Lease Office Properties (NLOP)

Franklin Street Properties Corp. and Net Lease Office Properties are both Reit Office companies. Net Lease Office Properties is the larger, with a market value of $147.1M against $33.3M — 4.4× the size. Franklin Street Properties Corp. grew revenue faster over the last twelve months: −5.33% against −35.5%. Franklin Street Properties Corp. has the higher net margin (−39.5% vs −59.8%) and the higher return on invested capital (−2.58% vs −13.8%). Both pay a dividend; Franklin Street Properties Corp. yields more (1.72% vs 1.34%). Across the 18 metrics below, Franklin Street Properties Corp. leads on 11 and Net Lease Office Properties on 7.

Valuation

Metric FSP NLOP Reit Office median
P/E n/m n/m 38.94
P/S 0.34 1.94 2.92
P/B 0.06 0.88 0.78
Price to free cash flow n/m 0.44 14.22
EV/EBITDA 20.83 n/m 12.77
EV/Sales 2.52 1.91 7.03
Earnings yield (114.29%) (30.82%) (3.43%)
Free cash flow yield (13.55%) 226.39% 5.85%

Profitability

Metric FSP NLOP Reit Office median
Gross margin 44.31% 89.38% 60.53%
Operating margin (31.58%) (48.17%) 16.84%
Net margin (39.45%) (59.82%) (8.23%)
Free cash flow margin (4.65%) 438.71% 16.39%
Return on equity (6.94%) (13.52%) (2.66%)
Return on assets (4.73%) (10.44%) (0.95%)
Return on invested capital (2.58%) (13.77%) 1.32%

Growth

Metric FSP NLOP Reit Office median
Revenue growth (TTM) (5.33%) (35.45%) 1.08%
EPS growth (last fiscal year) 15.69% (58.74%) —
Revenue growth, 5-year CAGR (15.30%) — 4.37%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric FSP NLOP Reit Office median
Debt to equity 0.44 0.13 1.20
Current ratio 2.50 2.37 2.43
Net debt to EBITDA 17.43 1.63 6.91

Dividend

Metric FSP NLOP Reit Office median
Dividend yield 1.72% 1.34% 6.16%
Payout ratio 0.50 — 1.38

Size

Metric FSP NLOP Reit Office median
Market cap 33.28m 147.10m 1.39b

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