Highwoods Properties, Inc. (HIW) vs Kilroy Realty Corporation (KRC)

Highwoods Properties, Inc. and Kilroy Realty Corporation are both Reit Office companies. Kilroy Realty Corporation is the larger, with a market value of $4.3B against $3.5B — 1.2× the size. Highwoods Properties, Inc. trades at the lower P/E: 18.4× against 149×. Highwoods Properties, Inc. grew revenue faster over the last twelve months: 5.40% against −3.61%. Highwoods Properties, Inc. has the higher net margin (21.7% vs 2.55%) and the higher return on invested capital (2.37% vs 1.60%). Both pay a dividend; Highwoods Properties, Inc. yields more (6.36% vs 6.03%). Across the 23 metrics below, Highwoods Properties, Inc. leads on 13 and Kilroy Realty Corporation on 10.

Valuation

Metric HIW KRC Reit Office median
P/E 18.41 149.29 28.35
P/S 4.07 3.84 2.77
P/B 1.37 0.77 0.82
Price to free cash flow 62.41 13.21 13.95
EV/EBITDA 12.37 13.42 12.41
EV/Sales 7.84 7.78 6.90
Earnings yield 5.43% 0.67% (2.06%)
Free cash flow yield 1.60% 7.57% 6.73%

Profitability

Metric HIW KRC Reit Office median
Gross margin 67.18% 64.40% 60.87%
Operating margin 25.77% 22.86% 17.78%
Net margin 21.74% 2.55% (2.87%)
Free cash flow margin 6.53% 29.05% 14.89%
Return on equity 7.56% 0.50% (1.07%)
Return on assets 2.94% 0.26% (0.34%)
Return on invested capital 2.37% 1.60% 1.33%

Growth

Metric HIW KRC Reit Office median
Revenue growth (TTM) 5.40% (3.61%) 2.67%
EPS growth (last fiscal year) 54.26% 29.61% 8.85%
Revenue growth, 5-year CAGR 1.81% 4.37% 3.91%
Net income growth, 5-year CAGR (14.54%) 8.28% 0.00%

Health

Metric HIW KRC Reit Office median
Debt to equity 1.37 0.81 1.24
Current ratio 2.08 1.72 1.98
Net debt to EBITDA 6.97 6.56 6.86

Dividend

Metric HIW KRC Reit Office median
Dividend yield 6.36% 6.03% 4.16%
Payout ratio 1.17 9.00 3.34

Size

Metric HIW KRC Reit Office median
Market cap 3.50b 4.26b 1.22b

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