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 $8.1B against $1.5B — 5.5× the size. Innovative Industrial Properties, Inc. trades at the lower P/E: 11.7× against 21.4×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.44% against −8.42%. Innovative Industrial Properties, Inc. has the higher net margin (49.2% vs 47.9%) and the higher return on invested capital (3.76% vs 3.71%). Both pay a dividend; Innovative Industrial Properties, Inc. yields more (14.5% vs 3.31%). Across the 23 metrics below, Innovative Industrial Properties, Inc. leads on 19 and First Industrial Realty Trust, Inc. on 4.

Valuation

Metric FR IIPR Reit Industrial median
P/E 21.45 11.67 27.94
P/S 10.26 5.65 8.30
P/B 2.72 0.87 1.85
Price to free cash flow 75.25 6.15 22.45
EV/EBITDA 19.49 8.89 18.69
EV/Sales 13.48 7.19 11.55
Earnings yield 4.66% 8.57% 3.24%
Free cash flow yield 1.33% 16.25% 2.76%

Profitability

Metric FR IIPR Reit Industrial median
Gross margin 73.76% 88.35% 73.76%
Operating margin 41.59% 51.44% 39.85%
Net margin 47.94% 49.24% 28.04%
Free cash flow margin 13.63% 91.84% 12.77%
Return on equity 13.00% 7.28% 6.83%
Return on assets 6.48% 5.31% 3.45%
Return on invested capital 3.71% 3.76% 2.92%

Growth

Metric FR IIPR Reit Industrial median
Revenue growth (TTM) 8.44% (8.42%) 3.86%
EPS growth (last fiscal year) (13.82%) (28.80%) 4.51%
Revenue growth, 5-year CAGR 10.17% 17.87% 13.33%
Net income growth, 5-year CAGR 4.76% 12.19% 9.91%

Health

Metric FR IIPR Reit Industrial median
Debt to equity 0.89 0.33 0.84
Current ratio 1.44 24.51 0.78
Net debt to EBITDA 4.87 1.73 4.76

Dividend

Metric FR IIPR Reit Industrial median
Dividend yield 3.31% 14.51% 4.15%
Payout ratio 0.71 1.72 1.18

Size

Metric FR IIPR Reit Industrial median
Market cap 8.05b 1.47b 7.77b

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