CubeSmart (CUBE) vs Rexford Industrial Realty, Inc. (REXR)

CubeSmart and Rexford Industrial Realty, Inc. are both Reit Industrial companies. CubeSmart is the larger, with a market value of $10.2B against $8.1B — 1.3× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; CubeSmart trades at 29.8×. CubeSmart grew revenue faster over the last twelve months: 3.33% against −2.02%. CubeSmart has the higher net margin (30.2% vs −48.4%) and the higher return on invested capital (4.86% vs 2.47%). Both pay a dividend; CubeSmart yields more (4.68% vs 4.56%). Across the 22 metrics below, CubeSmart leads on 12 and Rexford Industrial Realty, Inc. on 10.

Valuation

Metric CUBE REXR Reit Industrial median
P/E 29.83 n/m 29.08
P/S 8.92 8.59 8.75
P/B 4.10 1.14 1.88
Price to free cash flow 20.44 31.99 27.37
EV/EBITDA 19.32 15.72 19.77
EV/Sales 12.00 10.98 11.83
Earnings yield 3.35% (5.54%) 3.06%
Free cash flow yield 4.89% 3.13% 2.68%

Profitability

Metric CUBE REXR Reit Industrial median
Gross margin 67.65% 76.55% 73.76%
Operating margin 40.82% 39.85% 40.64%
Net margin 30.17% (48.38%) 30.03%
Free cash flow margin 43.64% 26.84% 18.60%
Return on equity 13.03% (5.82%) 7.37%
Return on assets 5.19% (4.00%) 3.98%
Return on invested capital 4.86% 2.47% 3.18%

Growth

Metric CUBE REXR Reit Industrial median
Revenue growth (TTM) 3.33% (2.02%) 4.61%
EPS growth (last fiscal year) (15.12%) (28.33%) (2.22%)
Revenue growth, 5-year CAGR 10.58% 24.89% 14.64%
Net income growth, 5-year CAGR 15.05% 26.68% 12.19%

Health

Metric CUBE REXR Reit Industrial median
Debt to equity 1.42 0.37 0.82
Current ratio 0.06 4.08 0.91
Net debt to EBITDA 4.76 4.52 4.82

Dividend

Metric CUBE REXR Reit Industrial median
Dividend yield 4.68% 4.56% 4.05%
Payout ratio 1.41 — 1.15

Size

Metric CUBE REXR Reit Industrial median
Market cap 10.18b 8.09b 7.97b

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