Franklin Street Properties Corp. (FSP) vs Piedmont Realty Trust, Inc. (PDM)

Franklin Street Properties Corp. 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 $33.3M — 34.6× the size. Piedmont Realty Trust, Inc. grew revenue faster over the last twelve months: 0.70% against −5.33%. Piedmont Realty Trust, Inc. has the higher net margin (−14.2% vs −39.5%) and the higher return on invested capital (1.29% vs −2.58%). Both pay a dividend; Piedmont Realty Trust, Inc. yields more (7.65% vs 1.72%). Across the 20 metrics below, Piedmont Realty Trust, Inc. leads on 14 and Franklin Street Properties Corp. on 6.

Valuation

Metric FSP PDM Reit Office median
P/E n/m n/m 38.94
P/S 0.34 2.03 2.92
P/B 0.06 0.78 0.78
Price to free cash flow n/m 36.40 14.22
EV/EBITDA 20.83 10.60 12.77
EV/Sales 2.52 5.94 7.03
Earnings yield (114.29%) (7.05%) (3.43%)
Free cash flow yield (13.55%) 2.75% 5.85%

Profitability

Metric FSP PDM Reit Office median
Gross margin 44.31% 60.02% 60.53%
Operating margin (31.58%) 13.46% 16.84%
Net margin (39.45%) (14.18%) (8.23%)
Free cash flow margin (4.65%) 5.56% 16.39%
Return on equity (6.94%) (5.34%) (2.66%)
Return on assets (4.73%) (2.01%) (0.95%)
Return on invested capital (2.58%) 1.29% 1.32%

Growth

Metric FSP PDM Reit Office median
Revenue growth (TTM) (5.33%) 0.70% 1.08%
EPS growth (last fiscal year) 15.69% (4.69%) —
Revenue growth, 5-year CAGR (15.30%) 1.10% 4.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric FSP PDM Reit Office median
Debt to equity 0.44 1.53 1.20
Current ratio 2.50 1.36 2.43
Net debt to EBITDA 17.43 7.13 6.91

Dividend

Metric FSP PDM Reit Office median
Dividend yield 1.72% 7.65% 6.16%
Payout ratio 0.50 1.22 1.38

Size

Metric FSP PDM Reit Office median
Market cap 33.28m 1.15b 1.39b

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