FSP
Franklin Street Properties Corp.
REIT - Office
Market Cap$58M
5Y Perf.-89.5%
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Stock Comparison
FSP vs PDM vs HIW vs VRE vs PGRE
Revenue, margins, valuation, and 5-year total return — side by side.
PDM
Piedmont Office Realty Trust, Inc.
REIT - Office
Market Cap$1.06B
5Y Perf.-49.1%
HIW
Highwoods Properties, Inc.
REIT - Office
Market Cap$2.82B
5Y Perf.-33.2%
VRE
Veris Residential, Inc.
REIT - Residential
Market Cap$1.78B
5Y Perf.+24.7%
PGRE
Paramount Group, Inc.
REIT - Office
Market Cap$1.46B
5Y Perf.-14.5%
FSP vs PDM vs HIW vs VRE vs PGRE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | FSP | PDM | HIW | VRE | PGRE |
|---|---|---|---|---|---|
| Industry | REIT - Office | REIT - Office | REIT - Office | REIT - Residential | REIT - Office |
| Market Cap | $58M | $1.06B | $2.82B | $1.78B | $1.46B |
| Revenue (TTM) | $106M | $422M | $820M | $291M | $723M |
| Net Income (TTM) | $-33M | $-86M | $93M | $70M | $-97M |
| Gross Margin | 54.2% | 19.1% | 67.4% | 23.4% | 57.2% |
| Operating Margin | 4.7% | 13.9% | 25.6% | 14.7% | 14.7% |
| Forward P/E | — | — | 39.6x | 23.7x | — |
| Total Debt | $249M | $2.27B | $3.64B | $1.37B | $3.68B |
| Cash & Equiv. | $31M | $731K | $27M | $14M | $375M |
FSP vs PDM vs HIW vs VRE vs PGRE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
FSP
PDM
HIW
VRE
PGRE
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Franklin Street Pro… (FSP) | 100 | 10.5 | -89.5% |
| Piedmont Office Rea… (PDM) | 100 | 50.9 | -49.1% |
| Highwoods Propertie… (HIW) | 100 | 66.8 | -33.2% |
| Veris Residential, … (VRE) | 100 | 124.7 | +24.7% |
| Paramount Group, In… (PGRE) | 100 | 85.5 | -14.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: FSP vs PDM vs HIW vs VRE vs PGRE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: VRE leads in 5 of 7 categories (5-stock set), making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Highwoods Properties, Inc. is the stronger pick specifically for dividend income and shareholder returns. PGRE also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
FSP
Franklin Street Properties Corp.
The REIT Holding
FSP lags the leaders in this set but could rank higher in a more targeted comparison.
Best for: real estate exposure
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
HIW
Highwoods Properties, Inc.
The Real Estate Income Play
HIW is the #2 pick in this set and the best alternative if long-term compounding and defensive is your priority.
- -6.8% 10Y total return vs VRE's -12.8%
- Beta 0.76, yield 7.7%, current ratio 42.45x
- 7.7% yield, vs VRE's 1.7%, (1 stock pays no dividend)
Best for: long-term compounding and defensive
VRE
Veris Residential, Inc.
The Real Estate Income Play
VRE carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 3 yrs, beta 0.22, yield 1.7%
- Rev growth 6.4%, EPS growth 420.0%, 3Y rev CAGR 7.3%
- 6.4% FFO/revenue growth vs FSP's -10.8%
- Lower P/E (23.7x vs 39.6x)
Best for: income & stability and growth exposure
PGRE
Paramount Group, Inc.
The Real Estate Income Play
PGRE ranks third and is worth considering specifically for sleep-well-at-night.
- Lower volatility, beta 0.31, Low D/E 91.7%, current ratio 7.76x
- +38.7% vs FSP's -61.5%
Best for: sleep-well-at-night
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | VRE | 6.4% FFO/revenue growth vs FSP's -10.8% |
| Value | VRE | Lower P/E (23.7x vs 39.6x) |
| Quality / Margins | VRE | 24.2% margin vs FSP's -31.1% |
| Stability / Safety | VRE | Beta 0.22 vs FSP's 1.13 |
| Dividends | HIW | 7.7% yield, vs VRE's 1.7%, (1 stock pays no dividend) |
| Momentum (1Y) | PGRE | +38.7% vs FSP's -61.5% |
| Efficiency (ROA) | VRE | 2.5% ROA vs FSP's -3.7%, ROIC 1.3% vs -0.7% |
FSP vs PDM vs HIW vs VRE vs PGRE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
FY 2025
FY 2024
FY 2024
FSP vs PDM vs HIW vs VRE vs PGRE — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLFSPLAGGINGPDM
Who Leads Where
HIW leads in 1 of 6 categories
FSP leads 1 • PGRE leads 1 • VRE leads 1 • PDM leads 0 • 2 tied
Explore the data ↓PDMPiedmont Office Realt…
0leads
PGREParamount Group, Inc.
1leads
VREVeris Residential, In…
1leads
HIWHighwoods Properties,…
1leads
FSPFranklin Street Prope…
1leads
6 Total Categories
CATEGORYLEADERvs HIWvs VREMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
HIW4/6
Valuation MetricsMultiples, price ratios, and targets
FSP3/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
Tied
—
Total Returns1Y, 3Y, 5Y total returns with dividends
PGRE3/6
Risk & VolatilityBeta, volatility, and downside exposure
VRE2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
HIW leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
HIW is the larger business by revenue, generating $820M annually — 7.7x FSP's $106M. VRE is the more profitable business, keeping 24.2% of every revenue dollar as net income compared to FSP's -31.1%. On growth, HIW holds the edge at +6.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $106M | $422M | $820M | $291M | $723M |
| EBITDAEarnings before interest/tax | $49M | $229M | $511M | $129M | $342M |
| Net IncomeAfter-tax profit | -$33M | -$86M | $93M | $70M | -$97M |
| Free Cash FlowCash after capex | $1M | $47M | $318M | $50M | $165M |
| Gross MarginGross profit ÷ Revenue | +54.2% | +19.1% | +67.4% | +23.4% | +57.2% |
| Operating MarginEBIT ÷ Revenue | +4.7% | +13.9% | +25.6% | +14.7% | +14.7% |
| Net MarginNet income ÷ Revenue | -31.1% | -20.5% | +11.4% | +24.2% | -13.5% |
| FCF MarginFCF ÷ Revenue | +1.1% | +11.2% | +38.7% | +17.1% | +22.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | -3.3% | -100.0% | +6.8% | +3.5% | -11.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +57.1% | -23.0% | -67.8% | -36.4% | -191.5% |
HIW leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
FSP leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
At 17.6x trailing earnings, HIW trades at a 26% valuation discount to VRE's 23.7x P/E. On an enterprise value basis, FSP's 8.0x EV/EBITDA is more attractive than VRE's 23.1x.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| Market CapShares × price | $58M | $1.1B | $2.8B | $1.8B | $1.5B |
| Enterprise ValueMkt cap + debt − cash | $276M | $3.3B | $6.4B | $3.1B | $4.8B |
| Trailing P/EPrice ÷ TTM EPS | -1.30x | -12.67x | 17.63x | 23.71x | -31.43x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — | 39.58x | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 8.00x | 10.88x | 12.75x | 23.09x | 12.29x |
| Price / SalesMarket cap ÷ Revenue | 0.54x | 1.88x | 3.50x | 6.17x | 1.93x |
| Price / BookPrice ÷ Book value/share | 0.10x | 0.71x | 1.16x | 1.52x | 0.36x |
| Price / FCFMarket cap ÷ FCF | — | — | 16.93x | 32.39x | 5.53x |
FSP leads this category, winning 3 of 5 comparable metrics.
Profitability & Efficiency
Evenly matched — FSP and HIW and VRE each lead in 3 of 9 comparable metrics.
Profitability & Efficiency
VRE delivers a 5.6% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $-6 for PDM. FSP carries lower financial leverage with a 0.41x debt-to-equity ratio, signaling a more conservative balance sheet compared to PDM's 1.52x. On the Piotroski fundamental quality scale (0–9), VRE scores 7/9 vs PDM's 5/9, reflecting strong financial health.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -5.4% | -5.7% | +3.8% | +5.6% | -2.4% |
| ROA (TTM)Return on assets | -3.7% | -2.2% | +1.5% | +2.5% | -1.2% |
| ROICReturn on invested capital | -0.7% | +1.5% | +2.7% | +1.3% | +1.5% |
| ROCEReturn on capital employed | -0.9% | +2.0% | +3.5% | +2.0% | +1.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 | 6 | 7 | 7 |
| Debt / EquityFinancial leverage | 0.41x | 1.52x | 1.49x | 1.07x | 0.92x |
| Net DebtTotal debt minus cash | $218M | $2.3B | $3.6B | $1.4B | $3.3B |
| Cash & Equiv.Liquid assets | $31M | $731,000 | $27M | $14M | $375M |
| Total DebtShort + long-term debt | $249M | $2.3B | $3.6B | $1.4B | $3.7B |
| Interest CoverageEBIT ÷ Interest expense | -0.81x | 0.35x | 2.07x | 1.84x | 0.95x |
Evenly matched — FSP and HIW and VRE each lead in 3 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
PGRE leads this category, winning 3 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in VRE five years ago would be worth $11,684 today (with dividends reinvested), compared to $2,620 for FSP. Over the past 12 months, PGRE leads with a +38.7% total return vs FSP's -61.5%. The 3-year compound annual growth rate (CAGR) favors PGRE at 14.9% vs FSP's -19.7% — a key indicator of consistent wealth creation.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | -39.5% | +2.4% | +0.7% | +28.4% | — |
| 1-Year ReturnPast 12 months | -61.5% | +26.5% | -5.2% | +22.8% | +38.7% |
| 3-Year ReturnCumulative with dividends | -48.2% | +47.5% | +44.3% | +21.5% | +51.6% |
| 5-Year ReturnCumulative with dividends | -73.8% | -39.2% | -20.1% | +16.8% | -30.5% |
| 10-Year ReturnCumulative with dividends | -65.7% | -23.4% | -6.8% | -12.8% | -46.2% |
| CAGR (3Y)Annualised 3-year return | -19.7% | +13.8% | +13.0% | +6.7% | +14.9% |
PGRE leads this category, winning 3 of 6 comparable metrics.
Risk & Volatility
VRE leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
VRE is the less volatile stock with a 0.22 beta — it tends to amplify market swings less than FSP's 1.13 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VRE currently trades 99.7% from its 52-week high vs FSP's 27.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.13x | 1.08x | 0.76x | 0.22x | 0.31x |
| 52-Week HighHighest price in past year | $2.05 | $9.19 | $32.76 | $19.03 | $7.85 |
| 52-Week LowLowest price in past year | $0.53 | $6.32 | $20.45 | $13.69 | $4.48 |
| % of 52W HighCurrent price vs 52-week peak | +27.3% | +92.4% | +78.0% | +99.7% | +84.1% |
| RSI (14)Momentum oscillator 0–100 | 33.8 | 67.0 | 69.6 | 66.3 | 56.8 |
| Avg Volume (50D)Average daily shares traded | 480K | 1.1M | 1.3M | 1.2M | 1.5M |
VRE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — HIW and VRE each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: PDM as "Hold", HIW as "Hold", VRE as "Hold", PGRE as "Hold". Consensus price targets imply 81.8% upside for PGRE (target: $12) vs -26.2% for VRE (target: $14). For income investors, HIW offers the higher dividend yield at 7.67% vs PGRE's 1.59%.
| Metric | FSPFranklin Street P… | PDMPiedmont Office R… | HIWHighwoods Propert… | VREVeris Residential… | PGREParamount Group, … |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Hold | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | — | $10.00 | $27.00 | $14.00 | $12.00 |
| # AnalystsCovering analysts | — | 11 | 22 | 12 | 13 |
| Dividend YieldAnnual dividend ÷ price | — | +2.9% | +7.7% | +1.7% | +1.6% |
| Dividend StreakConsecutive years of raises | 1 | 0 | 0 | 3 | 0 |
| Dividend / ShareAnnual DPS | — | $0.25 | $1.96 | $0.32 | $0.11 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | +0.1% | +0.0% | +0.0% |
Evenly matched — HIW and VRE each lead in 1 of 2 comparable metrics.
Key Takeaway
HIW leads in 1 of 6 categories (Income & Cash Flow). FSP leads in 1 (Valuation Metrics). 2 tied.
Best OverallFranklin Street Properties … (FSP)Leads 1 of 6 categories
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FSP vs PDM vs HIW vs VRE vs PGRE: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is FSP or PDM or HIW or VRE or PGRE a better buy right now?
For growth investors, Veris Residential, Inc.
(VRE) is the stronger pick with 6. 4% revenue growth year-over-year, versus -10. 8% for Franklin Street Properties Corp. (FSP). Highwoods Properties, Inc. (HIW) offers the better valuation at 17. 6x trailing P/E (39. 6x forward), making it the more compelling value choice. Analysts rate Piedmont Office Realty Trust, Inc. (PDM) a "Hold" — based on 11 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 has the better valuation — FSP or PDM or HIW or VRE or PGRE?
On trailing P/E, Highwoods Properties, Inc.
(HIW) is the cheapest at 17. 6x versus Veris Residential, Inc. at 23. 7x.
03Which is the better long-term investment — FSP or PDM or HIW or VRE or PGRE?
Over the past 5 years, Veris Residential, Inc.
(VRE) delivered a total return of +16. 8%, compared to -73. 8% for Franklin Street Properties Corp. (FSP). Over 10 years, the gap is even starker: HIW returned -6. 8% versus FSP's -65. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FSP or PDM or HIW or VRE or PGRE?
By beta (market sensitivity over 5 years), Veris Residential, Inc.
(VRE) is the lower-risk stock at 0. 22β versus Franklin Street Properties Corp. 's 1. 13β — meaning FSP is approximately 411% more volatile than VRE relative to the S&P 500. On balance sheet safety, Franklin Street Properties Corp. (FSP) carries a lower debt/equity ratio of 41% versus 152% for Piedmont Office Realty Trust, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — FSP or PDM or HIW or VRE or PGRE?
By revenue growth (latest reported year), Veris Residential, Inc.
(VRE) is pulling ahead at 6. 4% versus -10. 8% for Franklin Street Properties Corp. (FSP). On earnings-per-share growth, the picture is similar: Veris Residential, Inc. grew EPS 420. 0% year-over-year, compared to -4. 7% for Piedmont Office Realty Trust, Inc.. Over a 3-year CAGR, VRE leads at 7. 3% 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.
06Which has better profit margins — FSP or PDM or HIW or VRE or PGRE?
Veris Residential, Inc.
(VRE) is the more profitable company, earning 26. 1% net margin versus -42. 0% for Franklin Street Properties Corp. — meaning it keeps 26. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HIW leads at 26. 0% versus -7. 6% for FSP. At the gross margin level — before operating expenses — HIW leads at 67. 6%, 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.
07Is FSP or PDM or HIW or VRE or PGRE more undervalued right now?
Analyst consensus price targets imply the most upside for PGRE: 81.
8% to $12. 00.
08Which pays a better dividend — FSP or PDM or HIW or VRE or PGRE?
In this comparison, HIW (7.
7% yield), PDM (2. 9% yield), VRE (1. 7% yield), PGRE (1. 6% yield) pay a dividend. FSP does not pay a meaningful dividend and should not be held primarily for income.
09Is FSP or PDM or HIW or VRE or PGRE better for a retirement portfolio?
For long-horizon retirement investors, Veris Residential, Inc.
(VRE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 22), 1. 7% yield). Both have compounded well over 10 years (VRE: -12. 8%, FSP: -65. 7%), 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.
10What are the main differences between FSP and PDM and HIW and VRE and PGRE?
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: FSP is a small-cap quality compounder stock; PDM is a small-cap quality compounder stock; HIW is a small-cap deep-value stock; VRE is a small-cap quality compounder stock; PGRE is a small-cap quality compounder stock. PDM, HIW, VRE, PGRE pay a dividend while FSP 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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