vs
Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($142.9M vs $97.9M, roughly 1.5× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -30.3%, a 58.8% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -0.3%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% CAGR vs -0.6%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PDM vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $142.9M | $97.9M |
| Net Profit | $-43.2M | $27.9M |
| Gross Margin | — | 98.6% |
| Operating Margin | — | 27.4% |
| Net Margin | -30.3% | 28.5% |
| Revenue YoY | -0.3% | 6.5% |
| Net Profit YoY | -44.3% | 7.1% |
| EPS (diluted) | $-0.34 | $0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $142.9M | $97.9M | ||
| Q3 25 | $139.2M | $96.2M | ||
| Q2 25 | $140.3M | $93.8M | ||
| Q1 25 | $142.7M | $97.7M | ||
| Q4 24 | $143.2M | $91.9M | ||
| Q3 24 | $139.3M | $90.7M | ||
| Q2 24 | $143.3M | $89.9M | ||
| Q1 24 | $144.5M | $93.2M |
| Q4 25 | $-43.2M | $27.9M | ||
| Q3 25 | $-13.5M | $29.3M | ||
| Q2 25 | $-16.8M | $27.9M | ||
| Q1 25 | $-10.1M | $29.4M | ||
| Q4 24 | $-30.0M | $26.0M | ||
| Q3 24 | $-11.5M | $19.3M | ||
| Q2 24 | $-9.8M | $29.7M | ||
| Q1 24 | $-27.8M | $30.7M |
| Q4 25 | — | 98.6% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.8% | ||
| Q4 24 | — | 98.8% | ||
| Q3 24 | — | 98.8% | ||
| Q2 24 | — | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | — | 27.4% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 17.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.4% |
| Q4 25 | -30.3% | 28.5% | ||
| Q3 25 | -9.7% | 30.5% | ||
| Q2 25 | -12.0% | 29.8% | ||
| Q1 25 | -7.1% | 30.1% | ||
| Q4 24 | -20.9% | 28.3% | ||
| Q3 24 | -8.3% | 21.3% | ||
| Q2 24 | -6.8% | 33.0% | ||
| Q1 24 | -19.2% | 33.0% |
| Q4 25 | $-0.34 | $0.38 | ||
| Q3 25 | $-0.11 | $0.41 | ||
| Q2 25 | $-0.14 | $0.39 | ||
| Q1 25 | $-0.08 | $0.41 | ||
| Q4 24 | $-0.25 | $0.36 | ||
| Q3 24 | $-0.09 | $0.27 | ||
| Q2 24 | $-0.08 | $0.42 | ||
| Q1 24 | $-0.22 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $731.0K | $21.7M |
| Total DebtLower is stronger | $2.2B | $4.6B |
| Stockholders' EquityBook value | $1.5B | $2.4B |
| Total Assets | $4.0B | $7.2B |
| Debt / EquityLower = less leverage | 1.49× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $731.0K | $21.7M | ||
| Q3 25 | $3.0M | $12.1M | ||
| Q2 25 | $3.3M | $13.9M | ||
| Q1 25 | $2.9M | $17.3M | ||
| Q4 24 | $109.6M | $8.3M | ||
| Q3 24 | $133.6M | $15.6M | ||
| Q2 24 | $138.5M | $13.4M | ||
| Q1 24 | $3.5M | $11.3M |
| Q4 25 | $2.2B | $4.6B | ||
| Q3 25 | $2.2B | $4.5B | ||
| Q2 25 | $2.2B | $4.4B | ||
| Q1 25 | $2.2B | $4.3B | ||
| Q4 24 | $2.2B | $4.3B | ||
| Q3 24 | $2.2B | $4.3B | ||
| Q2 24 | $2.2B | $4.2B | ||
| Q1 24 | $2.1B | $4.1B |
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.5B | $2.4B | ||
| Q1 25 | $1.6B | $2.4B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.7B | $2.3B | ||
| Q1 24 | $1.7B | $2.3B |
| Q4 25 | $4.0B | $7.2B | ||
| Q3 25 | $4.0B | $7.1B | ||
| Q2 25 | $4.0B | $7.1B | ||
| Q1 25 | $4.0B | $6.9B | ||
| Q4 24 | $4.1B | $6.9B | ||
| Q3 24 | $4.1B | $6.8B | ||
| Q2 24 | $4.2B | $6.8B | ||
| Q1 24 | $4.0B | $6.7B |
| Q4 25 | 1.49× | 1.90× | ||
| Q3 25 | 1.43× | 1.89× | ||
| Q2 25 | 1.41× | 1.87× | ||
| Q1 25 | 1.40× | 1.85× | ||
| Q4 24 | 1.40× | 1.84× | ||
| Q3 24 | 1.36× | 1.88× | ||
| Q2 24 | 1.34× | 1.81× | ||
| Q1 24 | 1.23× | 1.81× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $140.6M | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $140.6M | $47.8M | ||
| Q3 25 | $35.8M | $-1.4M | ||
| Q2 25 | $50.1M | $28.0M | ||
| Q1 25 | $3.7M | $8.9M | ||
| Q4 24 | $198.1M | $37.9M | ||
| Q3 24 | $42.9M | $8.3M | ||
| Q2 24 | $66.8M | $24.8M | ||
| Q1 24 | $23.4M | $-3.1M |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
