Americold Realty Trust Inc. (COLD) vs Innovative Industrial Properties, Inc. (IIPR)

Americold Realty Trust Inc. and Innovative Industrial Properties, Inc. are both Reit Industrial companies. Americold Realty Trust Inc. is the larger, with a market value of $4.1B against $1.5B — 2.7× the size. Americold Realty Trust Inc. has negative trailing earnings, so its P/E is not meaningful; Innovative Industrial Properties, Inc. trades at 12.4×. Americold Realty Trust Inc. grew revenue faster over the last twelve months: −0.21% against −8.42%. Innovative Industrial Properties, Inc. has the higher net margin (49.2% vs −17.4%) and the higher return on invested capital (3.76% vs −6.75%). Both pay a dividend; Innovative Industrial Properties, Inc. yields more (7.89% vs 3.14%). Across the 21 metrics below, Innovative Industrial Properties, Inc. leads on 15 and Americold Realty Trust Inc. on 6.

Valuation

Metric COLD IIPR Reit Industrial median
P/E n/m 12.37 28.30
P/S 1.62 5.99 8.16
P/B 1.73 0.92 1.89
Price to free cash flow n/m 6.52 21.44
EV/EBITDA 61.97 9.31 17.97
EV/Sales 1.83 7.52 11.71
Earnings yield (10.79%) 8.09% 3.38%
Free cash flow yield (4.08%) 15.33% 2.71%

Profitability

Metric COLD IIPR Reit Industrial median
Gross margin 31.74% 88.35% 73.76%
Operating margin (12.47%) 51.44% 39.85%
Net margin (17.44%) 49.24% 28.04%
Free cash flow margin (6.59%) 91.84% 13.63%
Return on equity (16.30%) 7.28% 6.83%
Return on assets (5.74%) 5.31% 3.45%
Return on invested capital (6.75%) 3.76% 2.92%

Growth

Metric COLD IIPR Reit Industrial median
Revenue growth (TTM) (0.21%) (8.42%) 3.86%
EPS growth (last fiscal year) (21.21%) (28.80%) —
Revenue growth, 5-year CAGR 5.53% 17.87% 13.33%
Net income growth, 5-year CAGR 0.00% 12.19% 9.91%

Health

Metric COLD IIPR Reit Industrial median
Debt to equity 0.25 0.33 0.84
Current ratio 0.10 24.51 0.78
Net debt to EBITDA 0.78 1.73 4.76

Dividend

Metric COLD IIPR Reit Industrial median
Dividend yield 3.14% 7.89% 3.14%
Payout ratio — 1.28 1.14

Size

Metric COLD IIPR Reit Industrial median
Market cap 4.10b 1.53b 8.24b

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