BDN
Brandywine Realty Trust
REIT - Office
Market Cap$540M
5Y Perf.-67.8%
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Stock Comparison
BDN vs PGRE vs SLG vs PDM vs VNO
Revenue, margins, valuation, and 5-year total return — side by side.
PGRE
Paramount Group, Inc.
REIT - Office
Market Cap$1.46B
5Y Perf.-14.5%
SLG
SL Green Realty Corp.
REIT - Office
Market Cap$3.22B
5Y Perf.+1.3%
PDM
Piedmont Office Realty Trust, Inc.
REIT - Office
Market Cap$1.06B
5Y Perf.-49.1%
VNO
Vornado Realty Trust
REIT - Office
Market Cap$6.03B
5Y Perf.-11.5%
BDN vs PGRE vs SLG vs PDM vs VNO — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | BDN | PGRE | SLG | PDM | VNO |
|---|---|---|---|---|---|
| Industry | REIT - Office | REIT - Office | REIT - Office | REIT - Office | REIT - Office |
| Market Cap | $540M | $1.46B | $3.22B | $1.06B | $6.03B |
| Revenue (TTM) | $490M | $723M | $981M | $422M | $1.81B |
| Net Income (TTM) | $-201M | $-97M | $-88M | $-86M | $795M |
| Gross Margin | 70.2% | 57.2% | 58.2% | 19.1% | 73.2% |
| Operating Margin | -1.2% | 14.7% | 42.7% | 13.9% | 13.3% |
| Forward P/E | — | — | — | — | 376.9x |
| Total Debt | $2.58B | $3.68B | $7.91B | $2.27B | $7.89B |
| Cash & Equiv. | $32M | $375M | $336M | $731K | $841M |
BDN vs PGRE vs SLG vs PDM vs VNO — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
BDN
PGRE
SLG
PDM
VNO
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Brandywine Realty T… (BDN) | 100 | 32.2 | -67.8% |
| Paramount Group, In… (PGRE) | 100 | 85.5 | -14.5% |
| SL Green Realty Cor… (SLG) | 100 | 101.3 | +1.3% |
| Piedmont Office Rea… (PDM) | 100 | 50.9 | -49.1% |
| Vornado Realty Trust (VNO) | 100 | 88.5 | -11.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BDN vs PGRE vs SLG vs PDM vs VNO
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: VNO leads in 3 of 7 categories (5-stock set), making it the strongest pick for valuation and capital efficiency and profitability and margin quality. Paramount Group, Inc. is the stronger pick specifically for capital preservation and lower volatility and recent price momentum and sentiment. BDN and SLG also each lead in at least one category. As sector peers, any of these can serve as alternatives in the same allocation.
BDN
Brandywine Realty Trust
The Real Estate Income Play
BDN ranks third and is worth considering specifically for income & stability and defensive.
- Dividend streak 0 yrs, beta 0.73, yield 17.2%
- Beta 0.73, yield 17.2%, current ratio 10.51x
- 17.2% yield, vs VNO's 2.3%, (1 stock pays no dividend)
Best for: income & stability and defensive
PGRE
Paramount Group, Inc.
The Real Estate Income Play
PGRE is the #2 pick in this set and the best alternative if growth exposure and sleep-well-at-night is your priority.
- Rev growth 2.0%, EPS growth 82.5%, 3Y rev CAGR 1.4%
- Lower volatility, beta 0.31, Low D/E 91.7%, current ratio 7.76x
- Beta 0.31 vs SLG's 1.20, lower leverage
- +38.7% vs BDN's -16.5%
Best for: growth exposure and sleep-well-at-night
SLG
SL Green Realty Corp.
The Real Estate Income Play
SLG is the clearest fit if your priority is long-term compounding.
- -26.2% 10Y total return vs PDM's -23.4%
- 42.0% FFO/revenue growth vs BDN's -4.2%
Best for: long-term compounding
PDM
Piedmont Office Realty Trust, Inc.
The REIT Holding
Among these 5 stocks, PDM doesn't own a clear edge in any measured category.
Best for: real estate exposure
VNO
Vornado Realty Trust
The Real Estate Income Play
VNO carries the broadest edge in this set and is the clearest fit for value and quality.
- Better valuation composite
- 44.0% margin vs BDN's -41.0%
- 6.4% ROA vs BDN's -5.8%, ROIC 1.4% vs 1.9%
Best for: value and quality
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | SLG | 42.0% FFO/revenue growth vs BDN's -4.2% |
| Value | VNO | Better valuation composite |
| Quality / Margins | VNO | 44.0% margin vs BDN's -41.0% |
| Stability / Safety | PGRE | Beta 0.31 vs SLG's 1.20, lower leverage |
| Dividends | BDN | 17.2% yield, vs VNO's 2.3%, (1 stock pays no dividend) |
| Momentum (1Y) | PGRE | +38.7% vs BDN's -16.5% |
| Efficiency (ROA) | VNO | 6.4% ROA vs BDN's -5.8%, ROIC 1.4% vs 1.9% |
BDN vs PGRE vs SLG vs PDM vs VNO — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2024
FY 2024
FY 2025
FY 2025
BDN vs PGRE vs SLG vs PDM vs VNO — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLVNOLAGGINGPDM
Who Leads Where
VNO leads in 3 of 6 categories
PGRE leads 1 • BDN leads 0 • SLG leads 0 • PDM leads 0 • 2 tied
Explore the data ↓PDMPiedmont Office Realt…
0leads
SLGSL Green Realty Corp.
0leads
BDNBrandywine Realty Tru…
0leads
PGREParamount Group, Inc.
1leads
VNOVornado Realty Trust
3leads
6 Total Categories
CATEGORYLEADERvs PGREvs BDNMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
VNO3/6
Valuation MetricsMultiples, price ratios, and targets
PGRE2/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
VNO4/9
Total Returns1Y, 3Y, 5Y total returns with dividends
VNO2/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
VNO leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
VNO is the larger business by revenue, generating $1.8B annually — 4.3x PDM's $422M. VNO is the more profitable business, keeping 44.0% of every revenue dollar as net income compared to BDN's -41.0%. On growth, SLG holds the edge at +9.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $490M | $723M | $981M | $422M | $1.8B |
| EBITDAEarnings before interest/tax | $167M | $342M | $678M | $229M | $719M |
| Net IncomeAfter-tax profit | -$201M | -$97M | -$88M | -$86M | $795M |
| Free Cash FlowCash after capex | $53M | $165M | $28M | $47M | $1.3B |
| Gross MarginGross profit ÷ Revenue | +70.2% | +57.2% | +58.2% | +19.1% | +73.2% |
| Operating MarginEBIT ÷ Revenue | -1.2% | +14.7% | +42.7% | +13.9% | +13.3% |
| Net MarginNet income ÷ Revenue | -41.0% | -13.5% | -9.0% | -20.5% | +44.0% |
| FCF MarginFCF ÷ Revenue | +10.8% | +22.9% | +2.9% | +11.2% | +69.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +4.5% | -11.3% | +9.2% | -100.0% | -0.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -75.0% | -191.5% | -13.2% | -23.0% | -127.9% |
VNO leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
PGRE leads this category, winning 2 of 5 comparable metrics.
Valuation Metrics
On an enterprise value basis, PDM's 10.9x EV/EBITDA is more attractive than SLG's 26.3x.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| Market CapShares × price | $540M | $1.5B | $3.2B | $1.1B | $6.0B |
| Enterprise ValueMkt cap + debt − cash | $3.1B | $4.8B | $10.8B | $3.3B | $13.1B |
| Trailing P/EPrice ÷ TTM EPS | -3.02x | -31.43x | -28.48x | -12.67x | 7.63x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — | — | — | 376.94x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 12.01x | 12.29x | 26.34x | 10.88x | 17.34x |
| Price / SalesMarket cap ÷ Revenue | 1.12x | 1.93x | 3.21x | 1.88x | 3.33x |
| Price / BookPrice ÷ Book value/share | 0.68x | 0.36x | 0.73x | 0.71x | 0.90x |
| Price / FCFMarket cap ÷ FCF | 12.65x | 5.53x | — | — | 4.79x |
PGRE leads this category, winning 2 of 5 comparable metrics.
Profitability & Efficiency
VNO leads this category, winning 4 of 9 comparable metrics.
Profitability & Efficiency
VNO delivers a 11.8% return on equity — every $100 of shareholder capital generates $12 in annual profit, vs $-25 for BDN. PGRE carries lower financial leverage with a 0.92x debt-to-equity ratio, signaling a more conservative balance sheet compared to BDN's 3.23x. On the Piotroski fundamental quality scale (0–9), PGRE scores 7/9 vs SLG's 2/9, reflecting strong financial health.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -24.6% | -2.4% | -2.0% | -5.7% | +11.8% |
| ROA (TTM)Return on assets | -5.8% | -1.2% | -0.8% | -2.2% | +6.4% |
| ROICReturn on invested capital | +1.9% | +1.5% | +1.1% | +1.5% | +1.4% |
| ROCEReturn on capital employed | +2.4% | +1.9% | +1.5% | +2.0% | +1.8% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 | 2 | 5 | 7 |
| Debt / EquityFinancial leverage | 3.23x | 0.92x | 1.82x | 1.52x | 1.16x |
| Net DebtTotal debt minus cash | $2.5B | $3.3B | $7.6B | $2.3B | $7.0B |
| Cash & Equiv.Liquid assets | $32M | $375M | $336M | $731,000 | $841M |
| Total DebtShort + long-term debt | $2.6B | $3.7B | $7.9B | $2.3B | $7.9B |
| Interest CoverageEBIT ÷ Interest expense | -0.28x | 0.95x | — | 0.35x | 3.63x |
VNO leads this category, winning 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
VNO leads this category, winning 2 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in SLG five years ago would be worth $8,473 today (with dividends reinvested), compared to $4,556 for BDN. Over the past 12 months, PGRE leads with a +38.7% total return vs BDN's -16.5%. The 3-year compound annual growth rate (CAGR) favors VNO at 34.9% vs BDN's 7.6% — a key indicator of consistent wealth creation.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +10.8% | — | -2.3% | +2.4% | -4.2% |
| 1-Year ReturnPast 12 months | -16.5% | +38.7% | -13.3% | +26.5% | -15.7% |
| 3-Year ReturnCumulative with dividends | +24.4% | +51.6% | +144.9% | +47.5% | +145.3% |
| 5-Year ReturnCumulative with dividends | -54.4% | -30.5% | -15.3% | -39.2% | -17.6% |
| 10-Year ReturnCumulative with dividends | -36.9% | -46.2% | -26.2% | -23.4% | -34.5% |
| CAGR (3Y)Annualised 3-year return | +7.6% | +14.9% | +34.8% | +13.8% | +34.9% |
VNO leads this category, winning 2 of 6 comparable metrics.
Risk & Volatility
Evenly matched — PGRE and PDM each lead in 1 of 2 comparable metrics.
Risk & Volatility
PGRE is the less volatile stock with a 0.31 beta — it tends to amplify market swings less than SLG's 1.20 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PDM currently trades 92.4% from its 52-week high vs BDN's 67.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.73x | 0.31x | 1.20x | 1.08x | 1.19x |
| 52-Week HighHighest price in past year | $4.63 | $7.85 | $66.91 | $9.19 | $43.37 |
| 52-Week LowLowest price in past year | $2.47 | $4.48 | $34.77 | $6.32 | $24.57 |
| % of 52W HighCurrent price vs 52-week peak | +67.2% | +84.1% | +67.7% | +92.4% | +73.9% |
| RSI (14)Momentum oscillator 0–100 | 57.0 | 56.8 | 63.8 | 67.0 | 68.9 |
| Avg Volume (50D)Average daily shares traded | 2.6M | 1.5M | 1.3M | 1.1M | 2.0M |
Evenly matched — PGRE and PDM each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — BDN and VNO each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: BDN as "Hold", PGRE as "Hold", SLG as "Hold", PDM as "Hold", VNO as "Hold". Consensus price targets imply 81.8% upside for PGRE (target: $12) vs 11.4% for SLG (target: $50). For income investors, BDN offers the higher dividend yield at 17.24% vs PGRE's 1.59%.
| Metric | BDNBrandywine Realty… | PGREParamount Group, … | SLGSL Green Realty C… | PDMPiedmont Office R… | VNOVornado Realty Tr… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $3.50 | $12.00 | $50.46 | $10.00 | $37.50 |
| # AnalystsCovering analysts | 24 | 13 | 31 | 11 | 28 |
| Dividend YieldAnnual dividend ÷ price | +17.2% | +1.6% | — | +2.9% | +2.3% |
| Dividend StreakConsecutive years of raises | 0 | 0 | 0 | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.54 | $0.11 | — | $0.25 | $0.74 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.0% | 0.0% | 0.0% | +0.8% |
Evenly matched — BDN and VNO each lead in 1 of 2 comparable metrics.
Key Takeaway
VNO leads in 3 of 6 categories (Income & Cash Flow, Profitability & Efficiency). PGRE leads in 1 (Valuation Metrics). 2 tied.
Best OverallVornado Realty Trust (VNO)Leads 3 of 6 categories
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BDN vs PGRE vs SLG vs PDM vs VNO: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is BDN or PGRE or SLG or PDM or VNO a better buy right now?
For growth investors, SL Green Realty Corp.
(SLG) is the stronger pick with 42. 0% revenue growth year-over-year, versus -4. 2% for Brandywine Realty Trust (BDN). Vornado Realty Trust (VNO) offers the better valuation at 7. 6x trailing P/E (376. 9x forward), making it the more compelling value choice. Analysts rate Brandywine Realty Trust (BDN) a "Hold" — based on 24 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — BDN or PGRE or SLG or PDM or VNO?
Over the past 5 years, SL Green Realty Corp.
(SLG) delivered a total return of -15. 3%, compared to -54. 4% for Brandywine Realty Trust (BDN). Over 10 years, the gap is even starker: PDM returned -23. 4% versus PGRE's -46. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — BDN or PGRE or SLG or PDM or VNO?
By beta (market sensitivity over 5 years), Paramount Group, Inc.
(PGRE) is the lower-risk stock at 0. 31β versus SL Green Realty Corp. 's 1. 20β — meaning SLG is approximately 286% more volatile than PGRE relative to the S&P 500. On balance sheet safety, Paramount Group, Inc. (PGRE) carries a lower debt/equity ratio of 92% versus 3% for Brandywine Realty Trust — giving it more financial flexibility in a downturn.
04Which is growing faster — BDN or PGRE or SLG or PDM or VNO?
By revenue growth (latest reported year), SL Green Realty Corp.
(SLG) is pulling ahead at 42. 0% versus -4. 2% for Brandywine Realty Trust (BDN). On earnings-per-share growth, the picture is similar: Vornado Realty Trust grew EPS 104. 0% year-over-year, compared to -21. 2% for SL Green Realty Corp.. Over a 3-year CAGR, SLG leads at 5. 2% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
05Which has better profit margins — BDN or PGRE or SLG or PDM or VNO?
Vornado Realty Trust (VNO) is the more profitable company, earning 50.
0% net margin versus -37. 0% for Brandywine Realty Trust — meaning it keeps 50. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PGRE leads at 19. 6% versus 14. 1% for PDM. At the gross margin level — before operating expenses — VNO leads at 100. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BDN or PGRE or SLG or PDM or VNO more undervalued right now?
Analyst consensus price targets imply the most upside for PGRE: 81.
8% to $12. 00.
07Which pays a better dividend — BDN or PGRE or SLG or PDM or VNO?
In this comparison, BDN (17.
2% yield), PDM (2. 9% yield), VNO (2. 3% yield), PGRE (1. 6% yield) pay a dividend. SLG does not pay a meaningful dividend and should not be held primarily for income.
08Is BDN or PGRE or SLG or PDM or VNO better for a retirement portfolio?
For long-horizon retirement investors, Paramount Group, Inc.
(PGRE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 31), 1. 6% yield). Both have compounded well over 10 years (PGRE: -46. 2%, SLG: -26. 2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BDN and PGRE and SLG and PDM and VNO?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: BDN is a small-cap income-oriented stock; PGRE is a small-cap quality compounder stock; SLG is a small-cap high-growth stock; PDM is a small-cap quality compounder stock; VNO is a small-cap deep-value stock. BDN, PGRE, PDM, VNO pay a dividend while SLG does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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