Kilroy Realty Corporation (KRC) vs Piedmont Realty Trust, Inc. (PDM)

Kilroy Realty Corporation and Piedmont Realty Trust, Inc. are both Reit Office companies. Kilroy Realty Corporation is the larger, with a market value of $4.1B against $1.1B — 3.6× the size. Piedmont Realty Trust, Inc. has negative trailing earnings, so its P/E is not meaningful; Kilroy Realty Corporation trades at 24.4×. Piedmont Realty Trust, Inc. grew revenue faster over the last twelve months: 0.70% against −3.76%. Kilroy Realty Corporation has the higher net margin (15.4% vs −14.2%) and the higher return on invested capital (1.73% vs 1.29%). Only Kilroy Realty Corporation pays a dividend (6.20%). Across the 22 metrics below, Kilroy Realty Corporation leads on 18 and Piedmont Realty Trust, Inc. on 4.

Valuation

Metric KRC PDM Reit Office median
P/E 24.36 n/m 36.27
P/S 3.70 2.00 2.59
P/B 0.74 0.77 0.76
Price to free cash flow 19.51 35.88 13.41
EV/EBITDA 12.88 10.55 12.64
EV/Sales 7.62 5.91 6.88
Earnings yield 4.11% (7.15%) (3.67%)
Free cash flow yield 5.12% 2.79% 6.05%

Profitability

Metric KRC PDM Reit Office median
Gross margin 65.38% 60.02% 60.53%
Operating margin 24.68% 13.46% 16.84%
Net margin 15.39% (14.18%) (8.23%)
Free cash flow margin 18.97% 5.56% 16.39%
Return on equity 3.05% (5.34%) (2.66%)
Return on assets 1.57% (2.01%) (0.95%)
Return on invested capital 1.73% 1.29% 1.32%

Growth

Metric KRC PDM Reit Office median
Revenue growth (TTM) (3.76%) 0.70% 1.08%
EPS growth (last fiscal year) 29.61% (4.69%) 8.90%
Revenue growth, 5-year CAGR 4.37% 1.10% 4.37%
Net income growth, 5-year CAGR 8.28% 0.00% 0.00%

Health

Metric KRC PDM Reit Office median
Debt to equity 0.83 1.53 1.20
Current ratio 2.65 1.36 2.43
Net debt to EBITDA 6.56 7.13 6.91

Dividend

Metric KRC PDM Reit Office median
Dividend yield 6.20% 0.00% 4.89%
Payout ratio 1.52 — 1.67

Size

Metric KRC PDM Reit Office median
Market cap 4.07b 1.13b 1.37b

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