Net Lease Office Properties (NLOP) vs Piedmont Realty Trust, Inc. (PDM)

Net Lease Office Properties and Piedmont Realty Trust, Inc. are both Reit Office companies. Piedmont Realty Trust, Inc. is the larger, with a market value of $1.1B against $143.9M — 7.9× the size. Piedmont Realty Trust, Inc. grew revenue faster over the last twelve months: 0.70% against −35.5%. Piedmont Realty Trust, Inc. has the higher net margin (−14.2% vs −59.8%) and the higher return on invested capital (1.29% vs −13.8%). Only Net Lease Office Properties pays a dividend (42.0%). Across the 19 metrics below, Net Lease Office Properties leads on 10 and Piedmont Realty Trust, Inc. on 9.

Valuation

Metric NLOP PDM Reit Office median
P/E n/m n/m 36.27
P/S 1.91 2.00 2.59
P/B 0.86 0.77 0.76
Price to free cash flow 0.43 35.88 13.41
EV/EBITDA n/m 10.55 12.64
EV/Sales 1.88 5.91 6.88
Earnings yield (31.32%) (7.15%) (3.67%)
Free cash flow yield 230.10% 2.79% 6.05%

Profitability

Metric NLOP PDM Reit Office median
Gross margin 89.38% 60.02% 60.53%
Operating margin (48.17%) 13.46% 16.84%
Net margin (59.82%) (14.18%) (8.23%)
Free cash flow margin 438.71% 5.56% 16.39%
Return on equity (13.52%) (5.34%) (2.66%)
Return on assets (10.44%) (2.01%) (0.95%)
Return on invested capital (13.77%) 1.29% 1.32%

Growth

Metric NLOP PDM Reit Office median
Revenue growth (TTM) (35.45%) 0.70% 1.08%
EPS growth (last fiscal year) (58.74%) (4.69%) 8.90%
Revenue growth, 5-year CAGR — 1.10% 4.37%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric NLOP PDM Reit Office median
Debt to equity 0.13 1.53 1.20
Current ratio 2.37 1.36 2.43
Net debt to EBITDA 1.63 7.13 6.91

Dividend

Metric NLOP PDM Reit Office median
Dividend yield 41.97% 0.00% 4.89%
Payout ratio — — 1.67

Size

Metric NLOP PDM Reit Office median
Market cap 143.85m 1.13b 1.37b

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