First Industrial Realty Trust, Inc. (FR) vs Innovative Industrial Properties, Inc. (IIPR)

First Industrial Realty Trust, Inc. and Innovative Industrial Properties, Inc. are both Reit Industrial companies. First Industrial Realty Trust, Inc. is the larger, with a market value of $7.4B against $1.5B — 4.9× the size. Innovative Industrial Properties, Inc. trades at the lower P/E: 11.8× against 20.1×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.55% against −4.40%. Innovative Industrial Properties, Inc. has the higher net margin (49.2% vs 46.1%) and the lower return on invested capital (3.55% vs 3.68%). Both pay a dividend; Innovative Industrial Properties, Inc. yields more (13.8% vs 3.60%). Across the 22 metrics below, Innovative Industrial Properties, Inc. leads on 17 and First Industrial Realty Trust, Inc. on 5.

Valuation

Metric FR IIPR Reit Industrial median
P/E 20.10 11.85 29.08
P/S 9.25 5.73 8.75
P/B 2.50 0.89 1.88
Price to free cash flow n/m 6.15 27.37
EV/EBITDA 18.18 9.61 19.77
EV/Sales 12.60 7.83 11.83
Earnings yield 4.97% 8.44% 3.06%
Free cash flow yield (0.33%) 16.26% 2.68%

Profitability

Metric FR IIPR Reit Industrial median
Gross margin 73.75% 88.75% 73.76%
Operating margin 41.57% 51.38% 40.64%
Net margin 46.10% 49.20% 30.03%
Free cash flow margin (3.03%) 93.22% 18.60%
Return on equity 12.74% 7.37% 7.37%
Return on assets 6.28% 5.20% 3.98%
Return on invested capital 3.68% 3.55% 3.18%

Growth

Metric FR IIPR Reit Industrial median
Revenue growth (TTM) 8.55% (4.40%) 4.61%
EPS growth (last fiscal year) (13.82%) (28.80%) (2.22%)
Revenue growth, 5-year CAGR 10.17% 17.87% 14.64%
Net income growth, 5-year CAGR 4.76% 12.19% 12.19%

Health

Metric FR IIPR Reit Industrial median
Debt to equity 0.92 0.38 0.82
Current ratio 1.06 10.66 0.91
Net debt to EBITDA 4.87 1.73 4.82

Dividend

Metric FR IIPR Reit Industrial median
Dividend yield 3.60% 13.75% 4.05%
Payout ratio 0.72 1.66 1.15

Size

Metric FR IIPR Reit Industrial median
Market cap 7.39b 1.52b 7.97b

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